FDJ Shortens Kindred Acquisition Closing to October 2

La Française des Jeux (FDJ) has moved up the closing date for its acquisition of Kindred Group to October 2, 2024, following regulatory approval from the French Competition Authority. The deal now awaits final approval from Kindred’s shareholders.

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Accelerated Closing Date

La Française des Jeux (FDJ) is progressing with its acquisition of Kindred Group, now set to close on October 2, 2024.

This earlier date comes after FDJ secured all necessary regulatory approvals, including a crucial green light from the French Competition Authority. Initially, FDJ aimed for a November 19 closing date, but the regulatory clarity allowed the process to move faster.

In a statement, FDJ commented, “We are pleased to have received the final clearance, which allows us to advance our acquisition plans.”

Pending Shareholder Approval

Despite the regulatory approvals, the deal still requires consent from Kindred’s shareholders. FDJ needs the backing of investors holding at least 90% of Kindred’s shares to proceed.

At present, five key shareholders—Nordea, Premier Investissement, Corvex Management, Eminence Capital, and Veralda—support the deal. These stakeholders collectively hold 26.72% of Kindred’s Swedish depository receipts (SDRs), while FDJ already owns a portion of the company’s SDRs.

FDJ plans to announce the final results of the offer on October 3, 2024, with an official settlement expected by October 11. Upon completion, this acquisition will bolster FDJ’s presence in the European gaming market, positioning the company as one of the continent’s largest operators.