France’s FDJ Offers NZ$ 4,36b To Acquire Kindred
Kindred Group, best known for its online casino brand Unibet, has received an official offer of NZ$ 4,36b. France based La Française des Jeux (FDJ) has made an offer of €2,45b (NZ$ 4,36b to acquire the entire share capital of the Swedish gambling operator.
The Wall Street Journal reported last weekend about FDJ’s takeover bid. This news, as well as further details about the alleged acquisition, were confirmed after the weekend by both Kindred and FDJ. In its own statement, FDJ said that a successful outcome of the supposed takeover would result in a “European gambling champion” with a strong increase in turnover and profit.
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Kindred Calls On Shareholders To Accept Offer
Kindred has recommended its shareholders accept the offer. The acceptance period begins on February 20 and ends on November 19, 2024. Shareholders wishing to vote will need to register before February 9 for the general meeting scheduled for February 16.
Five key shareholders of Kindred, who together own 27,9% of all shares, have indicated that they support the offer: Corvex Management, Premier Investissement, Eminence Capital, Veralda Investment and Nordea. The deal between Kindred en FDJ still remains subject to a host of conditions with 90% of Kindred shareholders needing to accept the offer to come through, whilst there must be regulatory approvals, and no other party must submit an improved proposal. Nils Andén, CEO of Kindred, is positive about the proposal. Andén said the combination would benefit both companies and support future growth.
I am very happy with FDJ’s announcement. This creates a leading European provider with the financial and strategic capabilities to further expand its global footprint. I believe that Kindred, together with FDJ, will succeed in accelerating strategic projects in the long term. This way we can continue to grow in core markets. It will also accelerate the path to 100% revenue from regulated markets.
Nils Andén, CEO of Kindred
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The confirmation of the offer comes on the same day that Kindred Group published its results for the 2023 financial year. The report shows that both turnover and underlying profit over the next 12 months expectations will increase. The latest financial update shows a turnover of NZ$ 2,51 billion. This amounts to an increase of 13.3% NZ$ 2,22b compared to 2022. The figures also include 2024 Q4. For the last three months of 2023, Kindred expects a turnover of NZ$ 649,13 million, a 2,4% increase compared to 2022. It is not clear how FDJ’ possible takeover will affect Kindred’s brands. The Swedish operator’s most important brand, Unibet, is also available in New Zealand and Australia.
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