Gambling giant FDJ proposes €2.6bn buy of Kindred Group

La Française des Jeux (FDJ) has made a bid to acquire the Kindred Group, a significant European-focused betting operator that is listed on the stock exchange in Stockholm, Sweden.

As reported by Gambling Insider, the acquisition is expected to be completed in due course, subject to regulatory approval and the buyer securing the requisite capital holding.

FDJ is the operator of France’s national lottery games, online gambling and sportsbooks. It went public in 2018 after the French government decided to sell off 50% of its shares in the company.

The fresh offer made to Kindred, an all-cash tender, was valued at SEK 130 ($12.43) per share, meaning an increase of 24% on the closing price of Friday, January 19.

With its operational headquarters in Malta, Kindred has a significant presence in the gambling market throughout Europe including France, Belgium, Sweden, Denmark, and the United Kingdom in addition to interests in Australia and the US.

It owns established brands such as Unibet and 32 Red, which contributed to a reported $1.1 billion revenue in 2023.

The board recommends

FDJ Chairwoman and CEO, Stéphane Pallez stated “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.”

Using cash reserves and a bridge loan from French banks, FDJ is financing the move on Kindred intending to consolidate its presence as a lottery and online gambling operator. This comes after it posted third-quarter revenue results of €586m, bringing its total up to that point, to €1.88b for 2023.

The proposed takeover is supported in the boardroom at Kindred with five key shareholders in favor of the acquisition, in addition to a unanimous board recommendation for the shareholders of Kindred to accept the offer.

The group of five with a collective 27.9% of the capital have already committed to releasing their shares, with FDJ needing to secure an overall 90% holding to confirm the deal in a transaction that is expected to commence on 19 February.

Image: Energepic/Pexels

Graeme Hanna

Freelance Writer

Graeme Hanna is a full-time, freelance writer with significant experience in online news as well as content writing.

Since January 2021, he has contributed as a football and news writer for several mainstream UK titles including The Glasgow Times, Rangers Review, Manchester Evening News, MyLondon, Give Me Sport, and the Belfast News Letter.

Graeme has worked across several briefs including news and feature writing in addition to other significant work experience in professional services. Now a contributing news writer at, he is involved with pitching relevant content for publication as well as writing engaging tech news stories.

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