From Sweden to France: FDJ Eyes $ 2.67 Billion Acquisition of Kindred

Française des Jeux (FDJ), a major player in the French gambling market, has made a bid to buy Kindred, a Swedish gambling operator, for $2.67 billion. 

The offer has been unanimously approved by the boards of both FDJ and Kindred.

The news sent the stock prices of both companies soaring: FDJ shares jumped by 6% (their highest single-day increase since 2022), while Kindred shares skyrocketed by 19% (a record since 2009).

FDJ plans to fund the deal partly with its own cash and partly with loans from French banks BNP Paribas and Société Générale. The deal is expected to start on February 19 and take up to 9 months to complete. The deal seems certain, as the boards and several major Kindred shareholders have given their green light.

In its public offer, Française des Jeux stated its ambition to become the second-largest gambling company in Europe. After the deal is done, FDJ will gain over 30 million Kindred customers from Europe, North America, and Australia.

The Swedish operator Kindred owns brands such as Unibet, Bingo.com, and 32Red. The French giant FDJ runs the national lottery in France and offers iGaming and sports betting services.