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

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  • 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.”

 

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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

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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).
      • 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.

 

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.

 

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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

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  • 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.

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Russell Ferris appointed Managing Director at Racecourse Media Group

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Racecourse Media Group (RMG) has appointed Russell Ferris to the new role of Managing Director.

Russell, currently CEO of Weatherbys Ltd, will be joining RMG on August 18.

He can count on more than 20 years of senior management and directorial experience in the racing industry, including as Managing Director of Limerick Racecourse and Director, Ireland for At The Races. He joined Weatherbys Ireland in 2016 and was promoted to Weatherbys Ltd Group CEO three years later.

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Nick Mills, CEO of RMG, said: “Russell is highly regarded within the industry and will bring a wealth of expertise, experience and enthusiasm to RMG. Russell will oversee and further align the Commercial and Broadcast departments and help take the business to new levels in terms of innovation, engagement and revenues. I very much look forward to welcoming Russell to RMG in August.”

Russell, who also sits as a Non-Executive Director on the Boards of Racing Digital and Venture Bio, said: “I am delighted to be joining a great team at RMG and very much looking forward to the new challenge. RMG play a pivotal role within the industry both domestically and internationally, and I am excited by the company’s vision to further enhance the sport’s appeal, reach and engagement to ensure a bright future for all.

“I’d like to thank the Weatherbys family for the opportunity provided to me. It has been fantastic to see the business develop and diversify in recent years, and I know that I leave it in great hands with Sharon O’Regan and a talented team across the business.”

The post Russell Ferris appointed Managing Director at Racecourse Media Group appeared first on European Gaming Industry News.

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Industry Awards

SOFTSWISS Named Online Casino Innovator in CEE 2025

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SOFTSWISS, a global tech provider, won the Online Casino Innovator in CEE title at the GamingTECH CEE Awards 2025 with its forward-thinking Game Aggregator. The award celebrated companies that drive innovation, excellence, and leadership in the iGaming and tech landscape across Central and Eastern Europe.

SOFTSWISS continues to lead online casino innovation in the CEE region with its Game Aggregator – one of the largest and most advanced game hubs in the iGaming industry. The solution offers over 27,800 exclusive games from 280+ leading providers, supporting more than 1,250 brands. Operators can integrate it via a one-time API as a standalone product for any third-party platform or as part of the SOFTSWISS Casino Platform.

The Game Aggregator offers a vast portfolio of RNG and live games for desktop and mobile, including slots, table games, crash, and casual games – many optimised for crypto gameplay. The content is fully localised to suit operators’ target markets, supporting multiple languages, currencies, and regional preferences.

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The Game Aggregator is certified to operate across key markets in Europe, Africa, and Latin America, with licenses or compliance in countries like Greece, Romania, Spain, Brazil, Nigeria, and South Africa. The platform provides powerful innovations that help operators grow their business effectively:

  • Tournament Tool: A versatile tool that enables operators to launch custom competitions in five simple steps. With mechanics like total bets, highest multiplier, and total wins, this solution saw an 80% growth in adoption by operators in 2024.
  • Crash Games in Tournaments: A new integration that elevates engagement.
  • Non-Monetary Prizes: Enhances reward variety with trips, gadgets, and more.
  • GGR Report Builder: Aggregates performance data across all games and providers.
  • Jackpots for Crash and Live Games: Implemented via the Jackpot Aggregator integration, leading to over 50% growth in average total player value.

Alena Bekus, Deputy Head of SOFTSWISS Game Aggregator, comments on the win:
“This award is a meaningful recognition of our team’s continuous efforts to build not just a product, but a powerful ecosystem that supports our partners’ growth. We constantly listen to our clients, innovate based on their needs, and work to deliver a flexible, scalable, and forward-thinking solution that meets the evolving demands of the iGaming market.”

By focusing on operator success, player engagement, and industry adaptability, SOFTSWISS continues to deliver forward-thinking solutions that set new benchmarks. Winning this award reaffirms the company’s role as a true innovator in iGaming.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 27,800 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.

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BAFTA and DCM release star-studded cinema trailer to celebrate the art of video game storytelling

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  • Actress Susan Wokoma stars alongside Baldur’s Gate 3 duo, Samantha Béart and Neil Newbon, Doug Cockle (Witcher 3), Jane Douglas (games presenter), and Sir Ian Livingstone, co-founder of Games Workshop.  
  • The trailer launches in cinema ahead of the 21st BAFTA Games Awards on Tuesday 8 April. 
  • Research conducted by BAFTA found young adults say video games are important to their wellbeing and a form of social connection (YouGov) 

BAFTA and DCM (Digital Cinema Media) have teamed up with award-winning actress Susan Wokoma to create a national cinema advertising campaign that promotes and celebrates the art of storytelling in video games. It’s the third campaign delivered by the partnership and is releasing in cinemas ahead of the 21st BAFTA Games Awards on Tuesday 8 April 2025.

The 105 second trailer was produced by Common People Films and DCM Studios, with Jennifer Sheridan directing the film. Susan features alongside famous faces from games – such as Samantha Béart and Neil Newbon from Baldur’s Gate 3 – who share their love for video games with cinema audiences nationwide.
Jeremy Kolesar, Creative Director, DCM Studios, “We’ve seen a flourishing intersection between games, film and TV in the UK. Whether it’s a franchise-inspired series or film, a narrative-driven game, or an engaging acting performance, each medium strengthens the other. We’ve tried to capture this in our third cinema campaign with BAFTA, which draws from the diverse UK games industry to inspire the next generation of talent with an adventurous cinematic experience.”

World-renowned for its annual Film Awards, BAFTA has been celebrating the craft, skill and creativity of the games industry for over 20 years, spotlighting the best games and talent in its annual Games Awards ceremony.

The cinema trailer explores the connectivity between film, games and TV, highlighting the depth of video game storytelling and the many varied games that captivate audiences worldwide.

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Tony Roberts, Founder/ EP, Common People Films: “This is the second time BATFA and DCM have asked us to bring their brand and message to life and we’re incredibly proud of the work we deliver for both of them. Having a diverse roster of talent, it was exciting to get our directors to write with a focus in games this time round and we think Jennifer has captured something very special. The games industry is a jewel in the crown of British industry and should be celebrated. Another great collaboration.”
BAFTA and YouGov research 

As an arts charity, BAFTA supports the next generation of screen talent through various initiatives, bursaries and scholarships.  Three alumni of BAFTA’s programmes were given paid roles on the production of this trailer – Jade Fabiyi (camera), Reece Grant (Art Department) and Shona Hart (Stagehand).

This ethos is reflected in the UK cinema placement of the campaign, which targets 16-34 year-olds during the preshow for multiple blockbuster releases. This includes the new A Minecraft movie, based on one of the best-selling video game franchises of all time.

Recent research conducted by BAFTA with YouGov found that:

  • Adults aged 18-34 consider video games as important to wellbeing, with a third (31%) citing video games as a form of self-care (higher than Film – 28% or TV – 27%) and 39% of 18-34s consider video games as a form of social connection (compared to 30% Film/TV).
  • Over half of UK adults see games as ‘a form of entertainment’ (54%).  However, only 1 in 5 consider games as great storytelling (20%) and there is lower awareness that games contain meaningful messages about today’s world (9%) compared to TV (33%)
  • Over half (53%) of 18-34s would trust the quality of a game that has been nominated or won a BAFTA Games Award.
  • Two thirds (62%) of UK adults were not aware that some of the world’s most celebrated games are made in the UK, and 1 in 5 would be more likely to play a game made in the UK (21%).

Donna Mathews, Executive Director of Engagement, Marketing and Communications at BAFTA said: “BAFTA is known for celebrating excellence in the screen arts and games are no exception. Our members recognise the craft, skill and creativity that goes into making every game and our Awards showcase the incredible variety of games on offer.  Like TV and film, games are a way to explore stories and learn about the world around us and young adults see games as more than a form of entertainment, with many considering games important to their wellbeing and social connection.  The UK games industry is a world-leading creative force, with talented people making games up and down the country, so with thanks to DCM and Common People Films we are putting games on the big screen to share our appreciation of this art form with audiences nationwide too.”  

Susan Wokoma said: “Film, TV and games are connected by the passion of the people who make it. It takes so many people to make these things and seeing people really take ownership of their story and their passion, that’s the thing that threads throughout all of those mediums.” 

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Jennifer Sheridan, director, said: “What makes gaming so captivating is its ability to fully immerse you in the story. It invites you to engage with the narrative interactively. The beauty of storytelling in games lies in how your experience can be completely unique, even if you’re playing the same game as someone else. This film celebrates that diversity and the incredible journeys that games can take you on.” 

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