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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Francaise Des Jeux SA | EU:FDJ | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.68 | 8.20% | 35.36 | 35.34 | 35.50 | 35.70 | 32.88 | 33.02 | 423,672 | 16:40:00 |
Stéphane Pallez, Chairwoman and CEO of FDJ Group, said: “I am pleased to announce today the proposed acquisition of Kindred. Fully aligned with our strategy, it will give the Group a diversified and balanced profile, based on several pillars: the monopoly activities, mainly the lottery, on our French historical market and, since November, in Ireland, with the acquisition of the Irish lottery operator PLI; and online sports betting and gaming activities open to competition in Europe. In this market, Kindred is one of the leading operators, combining strong brands, best-in-class technology platforms, an attractive growth profile and a committed approach to responsible gaming. Given their respective histories, strategic strengths and core values, FDJ and Kindred are highly complementary, and I will be delighted to welcome Kindred's management team and many talented individuals into the combined Group following this transaction. The combination will result in a stronger strategic positioning and significant value creation for the benefit of our shareholders and broader stakeholders.”
Nils Andén, CEO of Kindred, said: “I’m delighted with today’s transaction announcement between FDJ and Kindred, creating a leading European gaming operator with the financial and strategic capabilities to further expand its global footprint. I believe that combining with FDJ, Kindred can accelerate the delivery of long-term strategic projects, continue to grow in core markets, and provide a trusted source of entertainment to customers. It will also speed up our path towards 100% locally regulated revenue. I’m excited to bring Kindred’s extensive experience and know-how into FDJ’s organisation, contributing to the development of a leading online gaming business. I’m also very proud that FDJ acknowledges and values the skilled employees and strong assets within Kindred.”
Regulatory News:
In order to implement its ambition to become an international gaming operator, FDJ is announcing the filing of an all-cash tender offer to acquire the entire share capital of Kindred, a company listed on Nasdaq Stockholm. This offer is unanimously recommended by Kindred's Board of Directors.
Kindred, a leading operator in the European online betting and gaming sector
Kindred is one of Europe's leading online betting and gaming operators:
The combination between FDJ and Kindred will create a diversified European champion
This transaction will create a highly digitalised European champion that is diversified both in terms of its offering and its geographic footprint:
FDJ and Kindred share high standards of responsible gaming and a business model that combines performance and responsibility. The combined Group will only operate on locally regulated - or on the path of becoming regulated - markets
FDJ and Kindred deploy the best practices in responsible gaming and sustainable development in their respective activities. This will enable the new Group to pursue a growth model that combines performance and responsibility.
The combined Group will only operate on markets that are locally regulated or on the path of becoming regulated and plans in particular to exit the Norwegian market.
FDJ's acquisition of Kindred strengthens the FDJ Group's financial profile
In 20233, Kindred generated revenue (after betting duties) of £893 million and recorded EBITDA of £205 million, with an EBITDA margin on revenue of 23%. Kindred is targeting EBITDA for 2024 to exceed £250 million4.
The combination of Kindred and FDJ will create a Group that is significantly more attractive financially, including:
FDJ will finance this acquisition using a large part of its available cash5 and through a bridge loan with leading French banks.
The FDJ Group:
FDJ's acquisition of Kindred will create value for FDJ shareholders
An offer unanimously supported by both Boards of Directors
The tender offer has been supported by both Groups' Boards of Directors. Kindred's Board of Directors recommends that Kindred's shareholders tender their shares to FDJ's tender offer.
The tender offer will be launched on 19 February 2024 for a maximum period of nine months, subject to: the usual conditions precedent for a tender offer on the Swedish market; obtaining regulatory approvals, in particular from the Swedish Financial Markets Authority and the French Competition Authority; the amendment of Kindred's articles of association to allow the implementation of a squeeze-out procedure in the event of FDJ acquiring at least 90% of Kindred's share capital; and the acquisition by FDJ of at least 90% of Kindred's share capital.
A presentation of the project for media and investors is available on the FDJ Group website: Publications and results - FDJ (groupefdj.com)
The offer documentation is available in English and in Swedish on the FDJ Group website: https://www.groupefdj.com/en/fdj-launches-a-tender-offer-for-kindred-to-create-a-european-gaming-champion/
About FDJ Group
France's leading gaming operator and one of the industry leaders worldwide, FDJ offers responsible gaming to the general public in the form of lottery games (draws and instant games), sports betting (through its ParionsSport point de vente et ParionsSport en ligne brands), horse-race betting and poker. FDJ's performance is driven by a large portfolio of iconic brands, the leading local sales network in France, a growing market, and recurring investments. The Group implements an innovative strategy to increase the attractiveness of its gaming and service offering across all distribution channels, by offering a responsible customer experience.
FDJ Group is listed on the regulated market of Euronext Paris (Compartment A – FDJ.PA) and is part of the SBF 120, Euronext 100, Euronext Vigeo 20, EN EZ ESG L 80, STOXX Europe 600, MSCI Europe and FTSE Euro indices.
For more information, visit www.groupefdj.com
X: @FDJ Facebook: FDJ Instagram: @FDJ_official LinkedIn: @FDJ
1 Based on shares outstanding (excluding treasury shares). Corvex Management LP 16.6%; Premier Investissement SAS 4.0%; Eminence Capital 3.5%; Veralda Investment 2.3%; Nordea 1.5%.2 Gross gaming revenue = stakes – player winnings.
3 Based on data provided by Kindred on 22 January 2024.
4 Kindred's 2024 guidance reflects its exit from the North American market, but still takes into account the contribution of non-locally regulated markets such as Norway and dotcoms in particular.
5 At 31 December 2023, the FDJ Group's net cash surplus was €671 million - excluding the innovation fund.
6 Net profit before amortisation of Price Purchase Allocations.
7 Based on shares outstanding (excluding treasury shares). Corvex Management LP 16.6%; Premier Investissement SAS 4.0%; Eminence Capital 3.5%; Veralda Investment 2.3%; Nordea 1.5%.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240121618633/en/
Media +33 (0)1 41 10 33 82 | servicedepresse@lfdj.com
Investor Relations +33 (0)1 41 04 19 74 | invest@lfdj.com
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