Who Owns Kindred Group Company?

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Who Really Owns Kindred Group Now?

Understanding the Kindred Group SWOT Analysis is crucial for anyone seeking to understand the company's trajectory. The recent acquisition of Kindred Group by La Française des Jeux (FDJ) in October 2024, a deal valued at nearly €2.5 billion, has fundamentally reshaped its ownership structure. This acquisition created a powerhouse in the online gambling sector, making it essential to understand the new landscape.

Kindred Group, initially founded as Unibet Group Plc, has a rich history in the online gambling industry. The company's evolution, from its origins under Anders Ström to its current status, reflects significant shifts in the Kindred Group ownership. This article will provide insights into the key stakeholders and the impact of the FDJ acquisition on the Kindred Group owner details, including its subsidiaries like Unibet and 32Red, and its overall market position within the online betting landscape.

The story of Kindred Group began in 1997, founded by Anders Ström in London. Initially operating as Unibet, the company aimed to revolutionize the online gambling experience, setting itself apart from traditional high-street operators. This early vision laid the groundwork for what would become a significant player in the online gambling industry.

Ström's innovative approach quickly led to the acquisition of its first UK betting license in 1998, followed by the launch of its online platform in 1999. The platform started in English and Swedish, showcasing the company's early focus on international markets. This initial phase was crucial for establishing the company's presence and building a foundation for future growth.

While specific details about the initial ownership structure of Kindred Group, including equity splits or early investors, are not widely available, the company's trajectory highlights the importance of its early strategic decisions. These decisions, particularly the expansion of offerings beyond sports betting and the acquisition-led growth strategy, shaped its early ownership and strategic direction.

Early Strategic Moves

Kindred Group's initial moves were critical to its growth. These early acquisitions and expansions helped diversify its offerings and customer base, setting the stage for its future as a multi-brand operator in the online gambling sector.

• In the early 2000s, the company expanded into online casino and poker, broadening its service offerings.
• In 2005, Kindred Group acquired Mr. Bookmaker, expanding its presence into the Benelux region.
• In 2007, the acquisition of Maria Holdings marked its entry into online bingo.
• These strategic moves helped Kindred Group solidify its position within the competitive online gambling market.

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The evolution of Kindred Group's ownership has been marked by key strategic shifts since its inception in 1997. Initially known as Unibet Group Plc, the company was listed on the Stockholm Stock Exchange (Nasdaq Stockholm Large Cap). A notable change occurred in May 2014 with the spin-off of its B2B subsidiary, Kambi Group Plc, with 95% of Kambi's shares distributed to Unibet shareholders. Kambi's shares were then listed on NASDAQ OMX Stockholm First North in June 2014, with an initial market valuation of SEK 1,011,200,700.

The most significant transformation in Kindred Group's ownership occurred in October 2024, when La Française des Jeux (FDJ) acquired the company. FDJ offered SEK 130 per share in cash, valuing Kindred at approximately €2.6 billion. By October 2, 2024, FDJ held 91.77% of Kindred's shares and voting rights, increasing to approximately 98.6% by October 23, 2024, following an extended acceptance period. This acquisition by FDJ, a leading French lottery and gaming company, was a strategic move to expand its online gambling presence. The Kindred board of directors unanimously recommended the transaction. Before the FDJ acquisition, major institutional investors held significant stakes, such as The Goldman Sachs Group, Inc., which held 5.42% of the shares and voting rights as of June 13, 2024.

The acquisition by FDJ has fundamentally altered Kindred Group's structure, transitioning it from a publicly listed company with diverse shareholders to a subsidiary primarily owned by FDJ. This shift is set to significantly influence its strategic direction and governance. For more insights into the company's operations, you can explore the Revenue Streams & Business Model of Kindred Group.

Key Takeaways on Kindred Group Ownership

Kindred Group's ownership has evolved significantly, primarily driven by the acquisition by La Française des Jeux (FDJ) in October 2024.

• FDJ now owns the majority of Kindred Group.
• The acquisition was valued at approximately €2.6 billion.
• Kindred Group was formerly listed on the Stockholm Stock Exchange.
• The spin-off of Kambi Group Plc was a major event.

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Following the acquisition by La Française des Jeux (FDJ) in October 2024, the Board of Directors of Kindred Group was restructured. Several directors resigned, including the Chairman, Evert Carlsson, and James H. Gemmel, among others, effective October 14, 2024. In response, and at the proposal of FDJ, new directors were elected to the board. This shift reflects the change in Kindred Group ownership structure following the acquisition.

The current Board of Directors of Kindred Group consists of Pascal Chaffard, Edeline Minaire, Célia Vérot, Heidi Skogster, and Martin Randel. Pascal Chaffard, who is the Executive Vice-President of Finance, Performance, and Strategy at La Française des Jeux, now serves as the Chairperson of the Board. Heidi Skogster and Martin Randel will remain as directors until the next annual general meeting in 2025.

With FDJ's acquisition of approximately 98.6% of the outstanding shares by October 23, 2024, FDJ now holds significant voting power within Kindred Group. This majority ownership allows FDJ to control strategic decisions and governance. The Audit Committee is composed of Heidi Skogster (Chairperson), Martin Randel, and Edeline Minaire, while the Remuneration Committee includes Pascal Chaffard (Chairperson), Martin Randel, and Heidi Skogster. This restructuring ensures that the board's composition aligns with FDJ's strategic direction.

Key Takeaways on Kindred Group's Governance

FDJ's acquisition has fundamentally reshaped Kindred Group ownership and governance.

• FDJ now controls the majority of the voting rights.
• The Board of Directors has been restructured to reflect the new ownership.
• The Audit and Remuneration Committees are now composed to align with FDJ's strategic goals.
• For more insights, explore the Competitors Landscape of Kindred Group.

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The most significant recent development in Kindred Group ownership is its acquisition by La Française des Jeux (FDJ). This transaction, finalized in October 2024 for €2.5 billion, shifted Kindred Group ownership from a publicly listed entity on Nasdaq Stockholm to a subsidiary primarily owned by FDJ. By October 2, 2024, FDJ held approximately 90.66% of Kindred Group's shares, increasing its stake to about 98.6% by October 23, 2024, and subsequently initiating a squeeze-out procedure for the remaining shares. This acquisition reflects a broader trend of consolidation within the online gambling sector.

Prior to the acquisition, Kindred Group made strategic operational adjustments. These included exiting the North American market by the end of Q2 2024. This move was part of a plan to reallocate resources and implement cost-cutting measures. These measures included reducing over 300 employees and consultants during 2024, with the aim of achieving approximately £40 million in annual gross cost savings. These actions demonstrate the company's efforts to streamline operations and focus on core markets, ultimately influencing the dynamics of the gambling company.

The acquisition by FDJ is a key example of industry consolidation within the online gambling sector. FDJ aims to expand its international presence and diversify revenue streams. Furthermore, Kindred Group reported a decrease in revenue from high-risk players to 2.7% in Q4 2024, highlighting a commitment to responsible gambling. Financial reports for the first half of 2024 showed a pre-tax profit of £95.4 million, a 50.2% increase year-over-year, with total revenue at £635.3 million, marking a 3.5% increase. The new structure, post-acquisition, is expected to be presented in 2025, with four business units and approximately 26% of revenue generated internationally. For more insights, you can explore the Marketing Strategy of Kindred Group.

Key Acquisition

FDJ acquired Kindred Group in October 2024 for €2.5 billion.

Ownership Shift

FDJ secured approximately 98.6% ownership by late October 2024.

Strategic Moves

Exiting North America and cost reduction initiatives were undertaken.

Financial Performance

H1 2024 showed a pre-tax profit of £95.4 million, a 50.2% increase.

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