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With a major update on the closing date, La Française des Jeux (FDJ) is moving forward with its acquisition of Kindred Group. FDJ is moving on with the deal, which is now slated to close on October 2, 2024, after obtaining all the regulatory approvals.
An important step in the acquisition process has been reached when FDJ received the French Competition Authority’s final approval. FDJ had originally set a closing date of November 19, 2024. The French operator, however, has accelerated the process and moved the deal’s closing date to October 2 in light of the regulatory green light.
“We are pleased to have received the final clearance, which allows us to advance our acquisition plans,” FDJ stated.
The shareholders of Kindred still need to give FDJ their permission, even with the regulatory clearances. Investor approval for at least 90% of Kindred’s shares is necessary for FDJ to move forward.
As of right now, the deal has the support of five significant shareholders: Nordea, Premier Investissement, Corvex Management, Eminence Capital, and Veralda. 26.72% of Kindred’s Swedish depository receipts (SDRs) are held by these organizations. One and a half of Kindred’s SDRs are owned by FDJ.
On October 3, 2024, FDJ intends to make public the offer’s final outcomes. On October 11, at the latest, an official settlement is anticipated.
FDJ’s position in the market will be strengthened by this merger, which will make it one of the biggest operators in Europe.