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FDJ launches a recommended all-cash tender offer for Kindred to create a European gaming champion
- 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).
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- 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.
- Online betting and gaming markets open to competition will account for 19% of the new Group’s GGR, versus 2% at present.
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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.

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Introducing Rhythm of Resistance: A Fresh Rhythm Metroidvania Where Your Playlist Is Your Weapon
Drenched in Darkwave: Innovative 2.5D Rhythm Based Metroidvania – Fueled by Forbidden Music and Gothic Soundscapes.
NetherMoon Game Studio, a small independent development studio based in Karlstad, Sweden, unveiled today Rhythm of Resistance, a shadow-draped adventure that fuses the somber tones of gothic and darkwave music with atmospheric Metroidvania exploration, creating an unforgettable game experience unlike anything you’ve seen, or heard, before.
Proudly tipped to be the world’s very first Rhythm Metroidvania, Rhythm of Resistance places explorers in the role of Aria, a hero fighting for survival in a dystopian future where music is forbidden, joy outlawed, and the skies hang heavy with cloying silence. The world is ruled by shadow and steel, until Aria discovers a relic of the old world – a cracked cassette player pulsing with forbidden power. This ancient music player unlocks a host of mysterious abilities, and allows her to navigate through labyrinthine dungeons, spectral foes, and traps as cruel as they are cursed. Each corridor hums with a forgotten melody, each enemy a sentinel of silence.
In Rhythm of Resistance, music is your key to success. As your adventure progresses, Aria discovers dusty cassettes hidden in the ruined world and expands her music library, unlocking more than 20 unique tracks, each holding the key to progression and altering the gameplay, unlocking different stats and abilities. Choose your playlist with care, in Rhythm of Resistance, your chosen beats can be your saviour or your downfall, with each track dynamically changing your surroundings, working at a different tempo to increase or devastate your chances of survival. Players will enjoy full freedom to choose the haunting songs, and will watch as the entire world around them reacts to their choices.
Expected to release in 2026 on Steam, Rhythm of Resistance offers a host of unique gameplay features, the first and only Metroidvania adventure where your playlist is your weapon! With music controlling your destiny, playlists can not only alter your surroundings, but alter enemy behaviour, reveal hidden paths, and solve the most fiendish of musical puzzles.
Music is a key factor in the title, with two early band announcements being Swedish goth sensation ABU NEIN, who took the darkwave world by storm with the release of their debut album “Secular Psalms” in 2020, and Underground Fire, a Swedish gothic rock band formed in 2015 by the aptly named Rob Coffinshaker in 2015. More musicians will be announced as the game’s development progresses, but you can be sure that they will delight any fans of the genre.
Joel Fjällsby, Founder & Creative Director at Nethermoon Game Studio commented, “I wanted the music to be real songs with lyrics and everything. Like an old track you could actually find on a forgotten cassette tape. With this in mind, I reached out to bands that felt like a great fit—and everyone so far has fallen in love with the project.”
Get your groove on and feel the beat to attack, parry, dodge, and unleash powerful abilities, all in perfect sync to your soundtrack. Be on the lookout for spare parts to upgrade your music player and unlock new powers as you traverse a vast, haunted landscape of crumbling cathedrals, rust-choked catacombs, and decaying factories echoing with the whispers of lost, solemn songs as players guide Aria to uncover clues of a long-forgotten past.
Rhythm of Resistance Feature Highlights:
- World’s first rhythm based Metroidvania where every beat defies the void, and your playlist is your weapon!
- Wield the force of music to unlock exciting features and abilities.
- Discover 20+ forbidden cassette tapes,each one distorting reality in strange and surprising ways while dynamically changing your game experience
- Choose your tracks wisely to alter enemy behaviour, reveal hidden paths, and solve musical puzzles.
- Stay on the beat to stay alive! Attack, parry, dodge, and unleash powerful abilities in sync with the dark pulse of your chosen song.
- Traverse a vast interlinked world of cathedrals, catacombs and factories to uncover clues of a long-forgotten past.
- Collect spare parts to upgrade your music player and unlock new abilities.
- Featuring a haunting gothic darkwave soundtrack from a range of underground artists.
Joel Fjällsby, Founder & Creative Director at NetherMoon Game Studio commented, “I’ve always been drawn to dark music, dystopian worlds, and of course Metroidvanias—so this project is the perfect fusion of everything I love. Honestly, I’m surprised no one’s made a game like this before. It’s a massive undertaking, especially for a new studio, but I love every hour of it. Seeing this dark, mysterious world come alive is incredibly rewarding.”
Rhythm of Resistance – Every beat, a rebellion. Every song, a revolution.
To find out more about Rhythm of Resistance and to Wishlist, please visit the Steam page here: store.steampowered.com/app/3269550/Rhythm_of_Resistance/
Find out more about the team on the Nethermoon website: nethermoon.com
Stay up to date with all the latest news by following NetherMoon Game Studio on social media: YouTube, Instagram, Facebook, TikTok, X, LinkedIn
The post Introducing Rhythm of Resistance: A Fresh Rhythm Metroidvania Where Your Playlist Is Your Weapon appeared first on European Gaming Industry News.
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Aristocrat Interactive Delivers New Player-Centric Experience to Cliff Castle Casino Hotel Through Mobile and Cashless Systems
Cliff Castle Casino Hotel Expands Long-Standing Relationship with Aristocrat Interactive Through New Products & Solutions
Aristocrat Interactive™ announced today the roll out of new player-centric solutions to Cliff Castle Casino Hotel, located in Camp Verde, Arizona, as part of a recent deal under its Gaming Systems division.
Already an Oasis™ customer for over 20 years, as part of the deal signed in December, Cliff Castle Casino Hotel will be adding Aristocrat Interactive’s player mobile app, PlayerMax™, as well as its Mobile nCompass™ cardless solution, ONE LINK progressive management solution and Oasis Loyalty™ suite of products, all rolling out over the course of the summer.
“Cliff Castle Casino Hotel has been a valued customer of Oasis™, our comprehensive casino management system, for over two decades now,” said Kristen Jones, VP of Sales of Aristocrat Interactive Gaming Systems. “We take great pride in being a trusted provider of products that support casino operations, while also keeping the player experience top of mind.”
These additional products will enable Cliff Castle Casino Hotel to push real-time progressive data to marquee video displays and electronic gaming machines (EGM) on the floor through ONE LINK. Separately, the Oasis Loyalty™ suite of products, will allow for advanced campaign management and enterprise-wide tier management – ultimately, leading to operation efficiencies and strengthened player retention.
Through PlayerMax™, Cliff Castle Casino Hotel patrons will benefit from access to a blend of immersive options, engaging features like live progressive jackpots, exciting rewards and personalized offers to stay informed through timely, location-based communications.
Players will also be able to “card-in” via their mobile device, enabling them to play an EGM without having to insert a physical players’ card.
“Aristocrat Interactive has been instrumental in our ability to provide our players with a personalized and entertaining casino experience,” said Paul Hamm, Director of Gaming for Cliff Castle Casino Hotel. “We’re confident that the addition of these products will continue to elevate the player experience and show the value we bring to players, reinforcing Cliff Castle Casino Hotel as a premier gaming destination.”
The post Aristocrat Interactive Delivers New Player-Centric Experience to Cliff Castle Casino Hotel Through Mobile and Cashless Systems appeared first on European Gaming Industry News.
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Gaming Americas Weekly Roundup – June 30-July 6
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
The Alcohol and Gaming Commission of Ontario has issued monetary penalties totaling $350,000 against Great Canadian Casino Resort Toronto for multiple violations of provincial gaming standards. The penalties follow an impromptu after-party that was permitted to take place in the pre-dawn hours directly on the casino’s gaming floor. On September 27, 2024, an electronic dance music event attended by thousands of people was hosted in the theatre adjacent to the casino at Great Canadian Casino Resort Toronto. The event was marked by widespread intoxication, disorderly behaviour and numerous criminal and medical incidents – both inside and outside the venue – including alleged assaults, drug overdoses and acts of public indecency. Although paid duty officers were present, additional police and emergency services were required to manage the situation.
International Game Technology PLC, doing business as Brightstar Lottery, announced that Michelle Carney, Brightstar’s Vice President of Global Lottery Marketing, will be inducted into the Lottery Industry Hall of Fame as a member of the Class of 2025. The induction ceremony will take place this September at an industry event in Ontario, Canada hosted by the Public Gaming Research Institute (PGRI) in conjunction with the North American Association of State and Provincial Lotteries (NASPL). In her current role, Carney is responsible for the development of marketing and communications strategies that support growth for Brightstar’s Global Lottery business, including lottery product marketing, trade shows and events, thought leadership communications and B2C marketing campaign materials to support customer launches of new game content.
Partnerships
International Game Technology PLC announced that its subsidiary, IGT Canada Solutions ULC (IGT), signed an eight-year agreement with Atlantic Lottery to supply its IntelligenEVO video lottery central system technology across Atlantic Canada. The agreement includes the option for multiple extensions and positions the Atlantic Lottery to become the first World Lottery Association (WLA)-affiliated lottery operator to deploy IGT’s next-generation central management system in a game-to-system (G2S) distributed market. With peak system security, network availability and responsible gaming functionalities, IntelligenEVO is a reliable, scalable solution that can meet the needs of today and in the future. The solution will accelerate time-to-market and enables the Atlantic Lottery to benefit from the system’s suite of player-focused functionality. The technology’s G2S and open API design optimises data collection and delivery and will enable Atlantic Lottery to customise their programme for evolving player needs.
EDGE Boost by EDGE Markets, a financial platform for smart bettors and gamblers, has partnered with World Series of Poker, the premier series of worldwide poker tournaments. The EDGE Boost debit card is now the preferred payment method for WSOP, offering ease of payment, safety and several exclusive on-site perks for tournament players. In past tournaments, WSOP players were limited to $10,000 per transaction and had to complete a lengthy approval process, often resulting in frequent cash deposits. Now, those using the EDGE Boost card through PayPal checkout can bypass traditional credit card verification. They can also make entries up to $250,000, which eliminates the need to carry large sums of cash at the event and increases security measures.
The post Gaming Americas Weekly Roundup – June 30-July 6 appeared first on European Gaming Industry News.
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