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French gaming firm FDJ to buy Kindred Group for $2.7B

Jan 22, 2024
Illustration of a dice with money signs on it instead of dots.

Illustration: Sarah Grillo/Axios

La Française des Jeux (FDJ), a Paris-based gambling company, has agreed to acquire Swedish gaming company Kindred Group, the companies announced Monday morning.

Why it matters: The deal would create one of Europe's biggest gambling companies and would compete with U.K.-listed Entain and FanDuel owner Flutter Entertainment.

Details: FDJ offered 27.95 billion kronor ($2.68 billion) for Kindred, which would represent a 24% premium on Kindred's closing price from Friday.

  • FDJ is France's exclusive lottery and offline sports betting operator. It also has online gambling and online sports betting.
  • In November, FDJ acquired Premier Lotteries Ireland, Ireland's national lottery operator, for €350 million.
  • Kindred oversees nine gambling brands and will expand FDJ's online gambling footprint into the U.K., France, Italy, the Netherlands and Sweden and Australia.

The big picture: The deal comes after New York-based activist investor Corvex Management had amassed a large stake in Kindred, gained a board seat and pushed for the company to sell.

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