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01/2024100%

Kindred Group acquired by Groupe FDJ

SWEDEN Gambling & Betting EV €1–10bn

Context

Groupe FDJ has launched a recommended public tender offer to acquire 100% of the share capital of Kindred Group. The offer, made at 130 SEK per share, represents a significant premium over Kindred’s historical trading prices (24% over the last closing price and 35% over the 30-day VWAP). This transaction is a transformative step for FDJ, creating a European gambling giant with a highly digitalized profile. The strategic rationale is centered on geographic and product diversification: the combined entity will see its international revenue share jump from 6% to 20%, while digital revenue will double to 29% of the total Gross Gaming Revenue. FDJ specifically targets Kindred’s advanced technological platforms to accelerate its own digital transformation. The deal is unanimously recommended by Kindred's board and has already secured irrevocable undertakings from five major shareholders representing nearly 28% of the capital.

By taking control of Kindred Group, Groupe FDJ continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Premier Lotteries Ireland in 2023.

Kindred Group, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

Kindred Group is one of Europe’s leading online gambling operators, boasting over 25 years of expertise in the digital gaming sector. The company manages a diverse portfolio of consumer-facing brands, most notably Unibet, alongside 32Red and Maria Casino. Its comprehensive digital offering includes online sports betting, horseracing, poker, and casino games. Kindred operates a sophisticated, proprietary technological platform that enables high-volume digital transactions and advanced data analytics for player protection. With a strong presence in key Western European markets—including the Netherlands, the UK, France, Sweden, and Belgium—the company focuses exclusively on locally regulated markets (or those in the process of regulation). Kindred is recognized for its "Journey towards Zero" initiative, aiming to derive 0% of its revenue from harmful gambling, underlining a business model that balances high-tech entertainment with rigorous social responsibility standards.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
€1–10bn
€150–250M
[members only]
2022
€1–10bn
€150–250M
[members only]

Other operations with Groupe FDJ

Other operations with Groupe FDJ
DateAcquirerTargetCountrySector
11/2023GROUPE FDJPREMIER LOTTERIES IRELAND (PLI)IRELANDGambling & Betting
09/2022GROUPE FDJZETURF GROUPFRANCEGambling & Betting

Similar deals in Gambling & Betting

Similar deals in Gambling & Betting
DateAcquirerTargetCountrySector
09/2026LOTTOMATICACIRSASPAINGambling & Betting
07/2026BANIJAY GROUPJOAFRANCEGambling & Betting
05/2026FERTITTA ENTERTAINMENTCAESARS ENTERTAINMENTUNITED STATESGambling & Betting
06/2025FLUTTER ENTERTAINMENTSNAITECHITALYGambling & Betting
11/2023GROUPE FDJPREMIER LOTTERIES IRELAND (PLI)IRELANDGambling & Betting
09/2022GROUPE FDJZETURF GROUPFRANCEGambling & Betting
12/2020GAMENET GROUPLOTTOMATICAITALYGambling & Betting
06/2018BLACKSTONECIRSASPAINGambling & Betting
10/2017BLACKSTONEJOAFRANCEGambling & Betting

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €150–250M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Kindred Group by Groupe FDJ are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Groupe FDJ’s acquisition of 100% of Kindred Group, a Swedish company specialised in Gambling & Betting, in 2024.

How was the acquisition of Kindred Group by Groupe FDJ valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Kindred Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Kindred Group generated annual revenue estimated in the €1–10bn range and EBITDA in the €150–250M bracket (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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