Regulatory body in Sweden grants green light to FDJ's bid for Kindred Group
Kindred Acquisition Finalized and Integrated
The Kindred Group, a leading online gambling operator, has completed its acquisition by French lottery giant FDJ United. The deal, valued at approximately €2.6 billion, was first proposed by Corvex Management in May 2022, and has since been integrated into FDJ United’s operations, with Kindred now part of the portfolio [1].
The acquisition process required Kindred to obtain necessary regulatory approvals and changes to its statutes for compulsory purchases of its share capital. However, as of mid-2025, no pending regulatory approvals or shareholder meetings related specifically to this acquisition are reported [2][3].
The transaction saw FDJ offering SEK 130 (€11.57) per share. Notable investors such as Corvex Management, Eminence Capital, Premier Investissement SAS, Veralda Investment, and Nordea have all supported the offer [1].
The success of the deal was contingent on FDJ acquiring 90% of Kindred’s total capital. In a significant move, Corvex Management, the largest shareholder, played a pivotal role in advocating for Kindred to pursue a sale. James H. Gemmel, a partner from Corvex Management, secured a board seat as a result of his advocacy for a sale [1].
The public offer commenced on February 20 and ran for 39 weeks. The initial vote on February 16 for the required changes fell below the 75% threshold, representing only 42.16% of the share capital. However, subsequent support from investors helped push the deal through [1].
The acquisition has had an impact on Kindred’s financial performance. Regulatory challenges in Kindred’s two largest markets, the UK and Netherlands, caused an 11.5% revenue decline for Kindred in H1 2025 versus the previous year. However, other markets like France showed growth [1].
FDJ United's consolidated revenue with Kindred included reached €1.87 billion in H1 2025, a 30.7% year-on-year increase on a reported basis. However, net profit fell 36.2%, partly due to financing costs linked to the Kindred acquisition [1][5].
Looking ahead, the next scheduled public financial communication is FDJ United’s revenue publication for the end of September, planned for October 15, 2025 [2]. The operational integration is ongoing and designated as a "transition year" for the company by FDJ’s CEO Stéphane Pallez [1].
In summary, the Kindred acquisition is complete and integrated, with no pending regulatory or shareholder approvals currently reported, and no acquisition-specific meetings scheduled. Ongoing updates focus on operational and financial performance rather than further corporate actions related to the deal [1][2][3].
[1] FDJ United press release, [Link to press release] [2] Kindred Group press release, [Link to press release] [3] Swedish Financial Market Supervisory Authority (SFSA) press release, [Link to press release] [4] Financial Times article, [Link to article] [5] FDJ United financial report, [Link to report]
The completion of the Kindred Acquisition has expanded FDJ United's business portfolio, now including the online gambling operator Kindred, following a successful public offer and integration. With the acquisition finalized, FDJ United has now ventured into the investing sector, focusing on improving its financial performance and achieving growth in various markets.
