FDJ: a public tender offer for the entire capital of Kindred (Unibet, 32Red, etc.)

La Française des Jeux is filing a public tender offer for the entire share capital of Kindred Group, owner of nine gambling operators (Unibet, bingo.com, 32Red, Kolikkopelit, Casinohuone, Maria Casino, Highroller, Vlad Cazino and Ottokasino), announced the French group on 22/01/2024. The takeover bid will begin on 19/02/2024 and will run for a maximum of nine months.

With the acquisition of at least 90% of this group, valued at €2.6bn, FDJ plans to "create a European gaming champion" and become the second-largest operator in the sector in Europe. "The FDJ Group's international presence will expand to account for approximately 20% of its gross gaming revenue (GGR), compared to 6% currently. Online share of GGR will rise from 14% for FDJ to 29% for the combined Group," explained the French group.

This offer is being made at a price of "SEK 130 (€11.4) per share" of Kindred (listed on Nasdaq Stockholm), according to FDJ, which, on the French market, acquired the ZEturf group for "an enterprise value of €175m", as well as the Irish national lottery (PLI, valued at €350m) in 2023.

FDJ will…