Regulatory body in Sweden greenlights FDJ's bid for Kindred Group
In a significant move, FDJ United, the enlarged group following its acquisition of Kindred Group, is currently in a "transition year" focusing on integrating Kindred's online betting and gaming operations [1][2][3]. The acquisition, completed in late 2024, was accompanied by necessary regulatory approvals, enabling FDJ to rebrand as FDJ United in March 2025 [2][4].
The integration process has been the primary focus, with no additional pending regulatory approvals reported as of July 2025 [1][4]. The group operates in fully regulated markets, including the UK, Netherlands, and France [1][4].
Kindred's revenue has faced challenges due to regulation and taxation in some markets but shows growth in others, especially France [1]. Excluding the UK and Netherlands, Kindred would have recorded 5% revenue growth [1]. FDJ United reported strong overall H1 2025 revenue and reiterated its 2025 guidance despite Kindred's challenges [1][2][3].
Amidst these developments, Corvex Management, Kindred's largest shareholder, has advocated for the company to pursue a sale [5]. FDJ is offering SEK 130 (€11.57) per share, valuing the company at approximately €2.6bn [5]. James H. Gemmel, a partner from Corvex Management, secured a board seat following the successful campaign for Kindred to explore a full sale [5].
The success of the deal between FDJ and Kindred Group is contingent on Kindred obtaining other necessary regulatory approvals [6]. Several Kindred shareholders, including Corvex Management, Eminence Capital, Premier Investissement SAS, Veralda Investment, and Nordea, have expressed their support for the agreement [6].
Kindred's board unanimously recommends shareholders accept the offer from FDJ [7]. An Extraordinary General Meeting has been scheduled on March 15 for Kindred to amend its articles in order to address the required changes [7]. The public offer for Kindred Group will commence on February 20 and run for 39 weeks [8]. FDJ must acquire 90% of Kindred's total capital for the transaction to proceed [8].
The Stockholm-listed operator FDJ received approval from the Swedish Financial Market Supervisory Authority (SFSA) for its offer document regarding the acquisition of Kindred Group [9]. This marks a significant step forward in the process. The initial vote on the changes to Kindred's statutes fell below the required 75% threshold in February 2023, with shareholders representing only 42.16% of the share capital voting in favor [10].
This article provides an overview of the current status and regulatory context of FDJ’s acquisition of Kindred Group as of the latest available mid-2025 information. Corvex Management proposed this sale option for Kindred back in May 2022 [11].
- FDJ United, now operating in fully regulated markets such as the UK, Netherlands, and France, is focusing on integrating Kindred's online betting and gaming operations in a transition year, aiming to strengthen its position in the finance and business sectors.
- Following the completion of its acquisition of Kindred Group in late 2024, FDJ is currently seeking necessary regulatory approvals for a potential sale of Kindred, a move supported by Kindred's largest shareholder, Corvex Management, which could significantly impact the industry.
