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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.
Europe
Hölle Games Goes Live with Starcasino in the Netherlands, Bringing German-Crafted Slots to Dutch Players
Reading Time: 2 minutes
Hölle Games, the Berlin-based video slots studio with a proud “Made in Germany” identity, has officially launched its content with StarCasino.nl, one of the Netherlands’ most recognised online casino brands. This partnership marks an important step in the company’s expansion into regulated European markets and introduces Dutch players to Hölle Games’ distinctive blend of classic slot design and innovative creativity.
With this integration, StarCasino.nl’s Dutch customers can now experience Hölle Games’ most popular titles, including Fruits, Reel Wolf and Hellish Seven. Known for their striking character artwork, immersive themes and high-quality audio-visual design, the games combine a nostalgic slot feel with modern entertainment value.
The collaboration between Hölle Games and StarCasino.nl is built on a shared commitment to safe, responsible, and regulated entertainment. For StarCasino.nl, the addition of Hölle Games’ content strengthens its mission to offer Dutch players both variety and quality, with a focus on memorable gameplay experiences.
Robert Lenzhofer, CEO of Hölle Games, commented: “We are thrilled to bring our games to the Netherlands in partnership with StarCasino.nl. Dutch players will now be able to enjoy our titles, which combine German craftsmanship, creative design and reliable performance. This launch highlights our focus on delivering entertainment in regulated European markets and reflects our growing momentum as a studio.”
A spokesperson for StarCasino.nl, Pieter van den Bos, Director at Starcasino, added: “At Starcasino we want to bring our customers the best that online slots have to offer. By adding Hölle Games to our library, we are enriching our portfolio with content that is fresh, visually distinctive and highly entertaining. We are confident that Dutch players will embrace these titles just as much as audiences in other European markets.”
The partnership underlines Hölle Games’ position as a rising force in the iGaming industry and confirms Starcasino’s dedication to offering its community access to leading international content. Together, both brands are set to deliver a more engaging and enjoyable experience for players across the Netherlands.
The post Hölle Games Goes Live with Starcasino in the Netherlands, Bringing German-Crafted Slots to Dutch Players appeared first on European Gaming Industry News.
Reading Time: 3 minutes
Tom Smallwood, Chief Commercial Officer at OpenSlots
The growth of AI in the industry is a talking point you cannot ignore. From sceptics to those convinced it will have a big role to play, AI dominates discourse. However, it is widely accepted that it will play a significant role in product development. In our industry, the biggest misconception is that AI will replace creativity in game development. In my experience, it has the power to do the exact opposite. I’ve watched countless studios struggle with the same challenge of transforming creative vision into market-ready slot games without requiring a six-figure budget a six-month timeline only to fail to achieve distribution. Yet that’s exactly what the traditional route to market looks like now.
AI is removing the technical barriers that risk keeping creative minds locked out of our industry. At OpenSlots, we’re beginning to see firsthand how AI can help turn a game creator’s ‘napkin sketch’ into a playable prototype in a fraction of the time.
The hidden costs of traditional slot development
The harsh reality facing game creators today is staggering. Developing and distributing even a basic slot requires substantial budgets and months of specialised expertise. Factor in regulatory compliance, RNG certification, and multi-platform optimisation, and smaller studios face insurmountable barriers.
These costs aren’t just financial, they affect the creative output too. When a single game requires months of mathematical modelling, extensive asset creation, development and technical integration it is inevitable that innovation stagnates. Game developers tend to play it safe, but even then, they risk not getting any ‘airtime’ in the face of the overwhelming quantity of games released by larger studios. The result is a market flooded with similar games, from the same providers, while innovative ideas never see daylight.
The OpenSlots approach
At OpenSlots, we are building a platform aimed at non-technical professions in which every element of the development process is optimised. Our AI-powered system lets operators and game designers create professional slot games through an agentic interface and AI-powered game creation workflows all on a tried and trusted RGS. You describe your vision, say, a high-volatility Norse mythology theme with cascading reels, and OpenSlots, backed by human expertise, handles everything from the creation of your game design document to the game build itself. We even have an WYSIWYG editor prior to publishing.
Real democratisation means accessible innovation
True democratisation isn’t just about making existing processes slightly easier, it is about changing who can participate. When we enable game creators to describe their vision in natural language and watch AI generate playable prototypes, we’re not replacing human creativity, we’re amplifying it. The most successful implementations don’t replace human expertise, they eliminate tedious and costly tasks that prevent creative professionals from focusing on innovation. This is as true for an operator as a studio. We do not see AI as a magic wand, to make everything easy, especially in a highly regulated industry. However, it is an enabler that can create a certain originality and independence for B2Cs and a voice to smaller game design studios.
Why this matters now
The timing for this transformation couldn’t be more critical. The slots market generates over half of total casino revenue, with operators facing pressure to deliver personalised, engaging content at speed. As mobile gaming dominates consumer spending and competition grows, the traditional development model can’t keep pace with market demands.
This creates an opportunity for platforms that can democratise game creation while maintaining quality and compliance. The industry needs solutions that allow rapid iteration and testing, branded content creation, and market-specific customisation, all without the costs that have historically limited who can participate in game development.
Building the future of game creation
The winners in this transformation won’t be the companies with the most advanced AI algorithms. They will be the ones who best understand how to apply AI practically to real challenges.
The future belongs to platforms that combine industry knowledge with cutting-edge AI capabilities. It’s not about auto-generating second rate game assets, just to for the sake of speed and cost, but leveraging the power of AI to amplify human expertise and give the chance for innovation. In many ways we are giving people the chance to make mistakes. And that, of course, is how we grow.
The question isn’t whether AI will transform gaming development. It’s whether we allow the broader ecosystem be part of that transformation or left behind by it.
The post AI isn’t replacing creativity in gaming – it is democratising it appeared first on European Gaming Industry News.
Reading Time: 2 minutes
Bet on Games announces the expansion of its very own gaming ecosystem—positioned as a true “universe of games.” With a single API, operators gain access to more than a hundred titles across multiple genres: crash games, slots, lotteries, and hybrid formats. Each game is presented as a unique “planet” with its own character and dynamics, giving operators a broad spectrum of content and players a diverse gaming journey.
At the heart of this universe lie crash games—the driving force behind today’s industry growth.
- Aerobet is all about takeoff and risk. Players place their bets before launch, and as the airplane climbs, the multiplier rises. The challenge is to cash out before the plane disappears from the screen. Its simple mechanic, built around an ever-increasing multiplier, makes every round unpredictable and full of suspense.
- BarioJet takes players into an arcade-style adventure. Here, the hero with a jetpack keeps flying higher while the multiplier grows each second. The task is to secure the winnings before the character soars away. The fast pace and transparent mechanics turn every session into a thrilling test of reflexes.
In the slots category, Bet on Games continues to build on classic formats. A standout example is Monkey Magic 2: Choice—a 6-reel slot inspired by mythology. With its striking visual style and bonus features, it has become one of the central planets in the Bet on Games universe.
Key advantages of Bet on Games:
- Single API for seamless integration
- 100+ titles in the portfolio
- Familiar mechanics in a fresh format
- Bonus features and in-game enhancements
- Modern visuals and adaptive design
In this way, Bet on Games offers not just standalone products but an entire ecosystem—a universe where every game is part of a greater whole. For operators, this means streamlined integration and stronger player engagement. For players, it’s the constant thrill of discovering new worlds.
And the Bet on Games universe is still expanding—with new “planets” and ever-fresh gaming experiences on the horizon.
The post Bet on Games Presents Its Gaming Universe appeared first on European Gaming Industry News.
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