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FDJ launches a recommended all-cash tender offer for Kindred to create a European gaming champion

- In order to implement its ambition to become an international gaming operator, FDJ is announcing the filing of a tender offer to acquire the entire share capital of Kindred
- Kindred is one of Europe’s leading online betting and gaming companies, operating the Unibet brand
- The offer is being made at a price of SEK 130 per share in Kindred, which is listed on Nasdaq Stockholm
- This price represents a premium of 24% over the closing price on 19 January 2024 and 35% over the weighted average price for the last 30 trading days, and corresponds to an enterprise value of €2.6 billion
- This acquisition will create a European gaming champion with an enhanced financial profile
- Second-largest operator in Europe’s gaming sector
- Stronger revenue and earnings growth
- FDJ and Kindred share high standards for responsible gaming and a business model that combines performance and responsibility
- The combined Group will only operate on markets that are locally regulated or on the path of becoming regulated
- This transaction will create value for FDJ shareholders. In particular, it is expected to lead to a more than 10% accretion in dividend per share, starting from the 2025 financial year to be paid in 2026
- This offer is unanimously recommended by Kindred’s Board of Directors
- Five key shareholders, holding a combined 27.9%[1] of the capital, have irrevocably undertaken to support the transaction and tender their shares
- The transaction will take the form of an all-cash tender offer, which will be launched on 19 February 2024 for a maximum period of nine months. The completion of the tender offer remains subject to regulatory authorisations and to FDJ’s acquisition of at least 90% of Kindred’s capital
Stéphane Pallez, Chairwoman and CEO of FDJ Group, said: “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. In this market, Kindred is one of the leading operators, combining strong brands, best-in-class technology platforms, an attractive growth profile and a committed approach to responsible gaming. Given their respective histories, strategic strengths and core values, FDJ and Kindred are highly complementary, and I will be delighted to welcome Kindred’s management team and many talented individuals into the combined Group following this transaction. The combination will result in a stronger strategic positioning and significant value creation for the benefit of our shareholders and broader stakeholders.”
Nils Andén, CEO of Kindred, said: “I’m delighted with today’s transaction announcement between FDJ and Kindred, creating a leading European gaming operator with the financial and strategic capabilities to further expand its global footprint. I believe that combining with FDJ, Kindred can accelerate the delivery of long-term strategic projects, continue to grow in core markets, and provide a trusted source of entertainment to customers. It will also speed up our path towards 100% locally regulated revenue. I’m excited to bring Kindred’s extensive experience and know-how into FDJ’s organisation, contributing to the development of a leading online gaming business. I’m also very proud that FDJ acknowledges and values the skilled employees and strong assets within Kindred.”
In order to implement its ambition to become an international gaming operator, FDJ is announcing the filing of an all-cash tender offer to acquire the entire share capital of Kindred, a company listed on Nasdaq Stockholm. This offer is unanimously recommended by Kindred’s Board of Directors.
Kindred, a leading operator in the European online betting and gaming sector
Kindred is one of Europe’s leading online betting and gaming operators:
- Kindred provides a diversified online offering (sports and horse-race betting, poker and casinos), including brands such as Unibet and 32Red.
- With revenue (after betting duties) of £893 million in 2023, Kindred is one of the top five operators in Western Europe, present in seven of the top ten European markets, including the Netherlands, the United Kingdom, France, Sweden and Belgium.
- Kindred has been an online betting and gaming operator for over 25 years and has extensive digital expertise and proven technology platforms.
The combination between FDJ and Kindred will create a diversified European champion
This transaction will create a highly digitalised European champion that is diversified both in terms of its offering and its geographic footprint:
- The FDJ Group’s international presence will expand to account for approximately 20% of its gross gaming revenue (GGR)[2], compared to 6% currently.
- Online share of GGR will rise from 14% for FDJ to 29% for the combined Group.
- Kindred’s cutting-edge digital expertise and technology platforms will accelerate FDJ’s digitalisation for online markets.
- The combined Group will offer a wide gaming range on markets open to competition (online sports and horse-race betting, online poker and online casinos).
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- Online betting and gaming markets open to competition will account for 19% of the new Group’s GGR, versus 2% at present.
- In France, thanks to the acquisition of Unibet, the FDJ group will become the third largest operator in the online sports betting and gaming open to competition sector.
- Online betting and gaming markets open to competition will account for 19% of the new Group’s GGR, versus 2% at present.
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FDJ and Kindred share high standards of responsible gaming and a business model that combines performance and responsibility. The combined Group will only operate on locally regulated – or on the path of becoming regulated – markets
FDJ and Kindred deploy the best practices in responsible gaming and sustainable development in their respective activities. This will enable the new Group to pursue a growth model that combines performance and responsibility.
The combined Group will only operate on markets that are locally regulated or on the path of becoming regulated and plans in particular to exit the Norwegian market.
FDJ’s acquisition of Kindred strengthens the FDJ Group’s financial profile
In 2023, Kindred generated revenue (after betting duties) of £893 million and recorded EBITDA of £205 million, with an EBITDA margin on revenue of 23%. Kindred is targeting EBITDA for 2024 to exceed £250 million.
The combination of Kindred and FDJ will create a Group that is significantly more attractive financially, including:
- Accelerated growth in revenues and in free cash flow; accretion in recurring EBITDA margin – beyond FDJ’s standalone target of at least 25% by 2025;
- A significant increase in the Group’s earnings per share and earnings growth.
FDJ will finance this acquisition using a large part of its available cash and through a bridge loan with leading French banks.
The FDJ Group:
- Reiterates aiming a mid-term net debt to recurring EBITDA ratio of ≤2x;
- Will aim to refinance the bridge loan on attractive market terms and will target an investment grade rating.
FDJ’s acquisition of Kindred will create value for FDJ shareholders
- The combined Group will benefit from scale, iconic brands and proven technology platforms.
- The consolidation of Kindred into the FDJ Group will create tangible value for the Group’s shareholders with a more than 10% accretion in dividend per share starting from the 2025 financial year to be paid in 2026, based on a distribution rate of 75% of the Group’s combined adjusted net income, post completion of the transaction.
An offer unanimously supported by both Boards of Directors
The tender offer has been supported by both Groups’ Boards of Directors. Kindred’s Board of Directors recommends that Kindred’s shareholders tender their shares to FDJ’s tender offer.
- FDJ has obtained an irrevocable agreement from five Kindred shareholders, representing 27.9% of the capital, to tender their shares.
- The offer price is SEK 130 per share, representing an enterprise value of €2.6 billion based on Kindred’s financial position at the end of 2023.
- The proposed price represents a premium of 24% over the closing price on 19 January 2024, of 35% over the weighted average price over the last 30 trading days and of 36% over the last 90 trading days.
The tender offer will be launched on 19 February 2024 for a maximum period of nine months, subject to: the usual conditions precedent for a tender offer on the Swedish market; obtaining regulatory approvals, in particular from the Swedish Financial Markets Authority and the French Competition Authority; the amendment of Kindred’s articles of association to allow the implementation of a squeeze-out procedure in the event of FDJ acquiring at least 90% of Kindred’s share capital; and the acquisition by FDJ of at least 90% of Kindred’s share capital.
Latest News
ULTIM8 SPORTSBOOK IFRAME: Ultimate Solution for Operators Who Have Seen It All

GR8 Tech launches ULTIM8 Sportsbook iFrame—an easy-to-launch solution designed specifically for the needs of experienced businesses: casino brands aiming to dominate sports betting without hiring an army of sportsbook specialists, or operators fed up with tech bottlenecks stunting their growth.
“We dedicate a lot of time to talking to the market, and one thing kept coming up: too many products are built for entry-level needs. That’s fine… until it is not. Operators that grow beyond the basics often hit a wall. Their current platform needs improvement and differentiation that comes slowly, if at all; at the same time, switching to something new just means discovering another set of limitations down the line,” shares Yevhen Krazhan, CSO at GR8 Tech. “There was clearly a gap—a well-formed demand for a solution tailored to mature operators who know what their players want and are done settling for tech that slows them down or boxes them in.”
ULTIM8 Sportsbook iFrame was created to tackle these advanced challenges, enabling operators to differentiate with market-leading content and a customizable front-end while maintaining full control over crucial areas like player engagement and risk management. Feature-rich right out of the box, the solution drives the ultimate revenue boost with its AI-driven toolset.
“ULTIM8 is built for results. Operators using our iFrame solution see up to 50% GGR uplift through features that come ready to deploy—odds personalization, parlay tools, and dynamic cashout,” comments Sergey Ghazaryan, CRO at GR8 Tech. “Coupled with the geo-tailored layouts and widget-based frontend flexibility, these things give operators the ability to shape the ultimate experience for their audiences, while keeping full control over performance and profitability.”
With all these advanced features, GR8 Tech’s ULTIM8 Sportsbook iFrame still maintains one of the key decisive factors of all iFrame solutions—quick launch time. As long as operators provide everything necessary for the launch from their end in time, the business can go live within just one week.
Sergey Ghazaryan adds: “GR8 Tech aims to become the first choice for operators looking for high-performance sportsbook-driven solutions. ULTIM8 Sportsbook iFrame is a very important step towards this goal—an ultimate showcase of our sportsbook expertise, packed in a convenient, easy-to-integrate form, tailored to the demands of the mature operators that have been unanswered up until now. Well—not anymore.”
Contact GR8 Tech for an in-depth guide through the ultimate sportsbook solution.
The post ULTIM8 SPORTSBOOK IFRAME: Ultimate Solution for Operators Who Have Seen It All appeared first on European Gaming Industry News.
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BGaming Bakes Some Delicious Slot Fun with Sugar Mix

Rapidly expanding content provider offers tasty treats and sugary thrills with the brand new Sugar Mix slot
Popular iGaming content provider BGaming is serving up a delectable treat with the launch of the brand new Sugar Mix slot.
Matching the ever-present demand for creative sweet-themed slot action, Sugar Mix invites players into a charming pastry shop where the shopkeeper guides them on a quest for big wins and exciting bonus action.
Sugar Mix immerses players in a colorful world of sugary delight, while an exciting Free Spins bonus round, complete with the dynamic Swap feature, keeps players on the edge of their seats for every spin. The game cooks up a tasty 4,000x maximum win, while the attractive 97.37% RTP is the icing on this delightful cake.
This flavorsome theme also lends itself perfectly to mobile gameplay, and the aesthetic will instantly resonate with players used to playing candy-colored mobile titles.
Players who want to sweeten the deal even further can treat themselves using the Buy Bonus feature, allowing them to trigger the Free Spins bonus with the Swap mechanic for 50x their stake.
Julia Alekseeva, CPO, said: “The Sugar Mix concept was created by BGamers during last year’s company Hackathon, with our development team diligently helping bring it to life.
We’ve poured a lot of creativity into crafting a world that is as delightful to look at as it is to play in. We’re particularly excited about the Swap feature, which adds an extra layer of anticipation during the Free Spins round and helps elevate the Sugar Mix from similarly themed games.”
The post BGaming Bakes Some Delicious Slot Fun with Sugar Mix appeared first on European Gaming Industry News.
AGS
AGS Appoints Arthur Rotziokos and Richard Orozco to Lead International Growth Efforts

AGS (NYSE: AGS), a leading supplier of high-performing slot, table, and interactive products and services to the global gaming industry, today announced two key appointments that will significantly strengthen its international operations. Arthur Rotziokos has been appointed as the Senior Director of Product Management – Asia-Pacific (APAC), and Richard Orozco has assumed the role of Senior Director of Product Management – International. Both report to Rob Ziems, AGS’ Chief Business and Legal Officer, who oversees international business.
“With tremendous growth potential and plenty of greenfield in international markets, AGS is well-poised to seize new opportunities on the global stage. Both Arthur and Richard bring unparalleled expertise and a deep well of gaming industry experience that will be vital to AGS’ global expansion strategy. Their leadership will be instrumental as we accelerate our international reach and advance our product offerings in these key markets,” said Rob Ziems.
Arthur Rotziokos, based in Sydney, Australia, will lead AGS’ entry into the rapidly expanding APAC market. With over three decades of experience in the gaming industry, including his most recent role as Vice President of Research & Development at Light & Wonder, Rotziokos is well-positioned to drive AGS’ strategic expansion across the region. His career spans roles at leading companies such as Ainsworth Game Technology and IGT, where he developed strong industry relationships and pioneered game development initiatives that led to business growth in global markets.
Richard Orozco, an experienced leader in international product management, will oversee AGS’ global product strategies, focusing on regions such as Latin America and Europe. Orozco joins AGS with extensive experience in managing product portfolios across international markets, including his most recent role as Vice President of Product Strategy at Ainsworth Game Technology. In his new role, he will work to drive market performance, optimize product lifecycles, and strengthen AGS’ market share in key international territories.
With both Rotziokos and Orozco taking on pivotal roles, AGS is poised to build its brand and gain a foothold in key international markets, further enhancing its commitment to delivering cutting-edge gaming products and solutions to operators and players worldwide.
The post AGS Appoints Arthur Rotziokos and Richard Orozco to Lead International Growth Efforts appeared first on Gaming and Gambling Industry in the Americas.
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