France’s FDJ to acquire Kindred for $2.8 bln

By Sama Mousa On Jan 22, 2024

France’s FDJ to buy Kindred for $2.8 billion

France’s gaming firm La Francaise des Jeux (FDJ) is set to buy Kindred Group in a deal worth $2.8 billion, Reuters reported on Monday.

FDJ will be offering 130 Swedish crowns ($12.43) per share from Kindred, to finalise the deal at 2.6 billion euros ($2.83 billion), with a premium of 24 per cent to Kindred Group’s closing price on Friday.

The offer puts a value for the company’s market capitalisation at around 29.5 billion Swedish crowns or $2.82 billion.

“I am pleased to announce today the proposed acquisition of Kindred,” said FDJ Chairwoman and CEO Stéphane Pallez. “The combination will result in a stronger strategic positioning and significant value creation for the benefit of our shareholders and broader stakeholder,” she added.

The company also said that the acquisition will boost its earnings, resulting in an accumulation of more than ten per cent in its dividend per share.