Kate Mills
Jan 22, 2024
French group La Francaise des Jeux (FDJ) has given a cash takeover bid to online gaming coming, Kindred Group, the latter confirmed on Sunday.
Kindred is an online gaming company which offers online gambling services across Europe, North America and Australia to over 30 million customers through nine brands.
Kindred, in a statement released in this regard, revealed that the French firm would acquire its entire outstanding share capital, adding that the offer will be announced today (Monday) before the market opens.
According to an initial report by the Wall Street Journal, the deal could be valued at around $2.5 billion
It should be noted that last year in November FDJ completed the acquisition of Premier Lotteries Ireland, the national lottery operator, for an enterprise value of €350 million ($381.4 million).
New York-based hedge fund Corvex Management has been pushing Kindred's board since 2022 to hire a financial adviser to look at strategic alternatives, including the potential value that could be achieved via a sale or a business combination.
