Groupe Française des Jeux has announced that its offer document related to its tender offer for Kindred Group has been approved by the Swedish Financial Supervisory Authority.
Back in January, FDJ submitted an offer to acquire the gambling operator for around €2.6bn, which was unanimously recommended by Kindred’s board of directors.
To be launched on February 20, 2024, the offer will last for a maximum of 39 weeks, expiring on or around November 19, 2024. It remains subject to regulatory authorisations and FDJ’s acquisition of at least 90 per cent of Kindred’s capital.
An extraordinary general meeting will be held by Kindred on March 15, on the second convening, to determine the changes to allow to the Articles of Association for the “implementation of a squeeze-out procedure” if FDJ acquires at least 90 per cent of Kindred’s capital.
Kindred noted during its recent financial report that FDJ doesn’t intend to materially alter Kindred’s operations following the implementation of the offer, apart from exiting the Norwegian market and “other non-regulated markets with no ongoing path to regulation”.
FDJ also published its financial results earlier this month, reporting strong online growth with an 18.8 per cent improvement in net gaming revenue.
The firm also used the results as an opportunity to further outline ambitions for the creation of a European champion through the Kindred acquisition.
Stéphane Pallez, Chair and CEO of the Group, stated: “FDJ delivered solid growth and results this year. The proposed acquisition of Kindred, announced at the end of January, will enable the creation of a European champion and significant value creation for the benefit of all stakeholders, in line with our model combining performance and responsibility.”
On a recent episode of the iGamingDaily, SBC News Editor Ted Menmuir emphasised that FDJ’s acquisition of Kindred would likely ‘have a ripple effect on pretty much all Western markets and also shake up the competitive landscape of the European gambling pool’.
