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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.”

 

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).
      • 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.

 

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.

Edvardas Sadosvkis CPO at ICONIC21

Feel the power of the moon in Midnight Queen from ICONIC21

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When the moon rises, the Queen awakens, and big wins can be triggered in the latest slot release from the in-demand iGaming content provider

Online casino operators can give their players the fright of their lives with Midnight Queen, the latest slot launch from in-demand iGaming content provider, ICONIC21.

Midnight Queen is a Vampire-themed slot that’s perfect for entertaining players during the Halloween season and beyond.

It brings vampire mystique to a 5×4 gameboard, where every Moon symbol feeds the hunger for even bigger wins. But this is a game where power doesn’t strike at random; it accumulates.

Player engagement is high thanks to the anticipation built into the game.

Glowing Frames lock onto the reels and wait. Each Moon that lands inside then pushes the Global Multiplier higher, building tension across a 10-spin cycle.

On the final spin, all the Glowing Frames transform into Wilds, delivering the bite – and big win potential – that players have been waiting for.

This combination of anticipation and frighteningly big wins – the game’s max win is 5,000x – allows operators to draw players in and then deliver the thrills (and chills) they are seeking.

As with all ICONIC21’s online slot games, Midnight Queen is available in both real money and sweepstakes formats.

Edvardas Sadosvkis, CPO at ICONIC21, said: “Spooky season is very much upon us, and in Midnight Queen, operators have a slot game they can use to frighten players through spine-tingling gameplay and big win potential.

“The best thing about Midnight Queen is that the theme is enjoyed long after Halloween has ended, and the team has done a great job of producing a gameplay experience that draws players in, builds anticipation and then has the potential to deliver the big wins they are seeking.

“This is a great addition to our portfolio, and we look forward to seeing our operators add it to their lobbies and to benefit from the repeat play, high engagement and consistent revenue growth that Midnight Queen provides.”

The post Feel the power of the moon in Midnight Queen from ICONIC21 appeared first on European Gaming Industry News.

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Evoplay returns to the prairie in Young Buffalo Coins

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Evoplay, the award-winning game development studio, has released Young Buffalo Coins, the second instalment in its popular Young Buffalo series.

Following the success of the original title, the new game takes players back to the wild prairies for another action-packed adventure, combining fast-paced gameplay, sticky coins, and big jackpot opportunities.

When four symbols appear in the middle row, the bonus game begins, giving players three spins to collect as many symbols as possible. Each new coin resets the counter, and the feature continues until no spins remain, while filling all twelve spaces awards the Grand Jackpot.

Excitement increases through the Buffalo Awakening feature, which can trigger the bonus game at any moment, while the Buffalo Spirit awards random multipliers from x2 to x12, enhancing prizes and maintaining momentum.

During the feature, players can land bonus coins, sticky symbols, and the powerful Buffalo Collector, as well as mystery and mystery jackpot icons.

Each Buffalo collects the values and jackpots from every symbol on the reels, while mystery transforms into any regular icon, and mystery jackpot reveals a guaranteed Mini, Mega, or Super Jackpot.

Those eager to jump straight into the action can use the Bonus Buy option to access the Bonus Game instantly.

With its vibrant design, rewarding features, and the unmistakable spirit of the plains, Young Buffalo Coins marks a bold new chapter in one of Evoplay’s most exciting series.

Ivan Kravchuk, CEO at Evoplay, said: Young Buffalo Coins captures the raw freedom of the open prairie through features that keep the excitement going.

“From sticky symbols and increasing multipliers to explosive jackpots, it’s a game that perfectly showcases Evoplay’s talent for creating vibrant, high-energy experiences.”

The post Evoplay returns to the prairie in Young Buffalo Coins appeared first on European Gaming Industry News.

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LuckyStreak adds Tier 1 Provider Play’n GO to Content Aggregation Offering

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iGaming business to deliver world class slots titles from leading global studio

LuckyStreak announces a major addition to its iGaming content aggregation offering, with a new strategic partnership with tier 1 games provider Play’n GO.

From its origins in building casino games for mobile phones prior to the invention of the smartphone, today Play’n GO is one of the leading providers of entertainment to the casino industry, with more than 400 premium game titles available with operators in more than 35 regulated jurisdictions.

Through this collaboration, Play’n GO’s vast and varied portfolio of beautifully executed and very entertaining games are instantly made available via LuckyStreak’s powerful aggregation API solution, LuckyConnect.

All LuckyConnect content customers can now access Play’n GO’s stunning games in one place, including the phenomenally popular titles like the Book of Dead series, Reactoonz and Rise of Olympus, without any additional tech work. And as new games are regularly added, all content is auto-synced with customer games management systems.

This partnership acknowledges and strengthens the reputation of LuckyConnect, an aggregation solution with over 6000 games from leading providers, a proven and secure API integration, and an extensive network of casino operator customers and players hungry for world class entertaining content.

Rory Kimber, Commercial Director at LuckyStreak, said: “Going live with Play’n GO is a fantastic moment for LuckyStreak and our LuckyConnect aggregation solution, proving we can attract world class suppliers in the industry who will benefit from our access to top operators in a range of worldwide markets.

Play’n GO’s offering is renowned for a reason and has tremendous appeal across a wide range of territories, which makes them the perfect addition to our portfolio.

Adding Tier 1 content is a focus for us, which balances perfectly with the innovative start-ups we brought in over the summer period, and I’m delighted that Play’n GO is now live, as are our casino customers.”

Michele Steffaneli, Head of Account Management at Play’n GO, said: “I strongly believe that Play’n GO’s portfolio of content is one of the most compelling in the industry. And with players all over the world looking for entertainment, excitement and the quality assurance that Play’n GO’s titles bring, no operator’s offering can be complete without Play’n GO.

“LuckyStreak’s reach is the perfect way to bring Play’n GO games to more players in more places, and we can’t wait to get started working with their high-energy team.

“Play’n GO doesn’t just make deals; we form deep and enduring partnerships. I’m sure this is the just the first step of a long journey together.”

The post LuckyStreak adds Tier 1 Provider Play’n GO to Content Aggregation Offering appeared first on European Gaming Industry News.

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