France’s FDJ in talks to acquire Kindred for $2.5 billion -WSJ By Reuters

© Reuters. FILE PHOTO: Logo of French lottery group Francaise des Jeux is pictured in Bordeaux, France, November 6, 2019. REUTERS/Regis Duvignau/File Photo

(Reuters) -French group La Francaise des Jeux is in talks to acquire online gaming company Kindred Group for around $2.5 billion, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

A deal could be announced as soon as Monday, assuming talks don’t break down, the report added.

FDJ and Kindred group did not respond immediately to a Reuters request for comment.

In November, FDJ completed the acquisition of Ireland’s national lottery operator, Premier Lotteries Ireland, for an enterprise value of 350 million euros ($381.40 million).

New York-based hedge fund Corvex Management has been pushing Kindred’s board since 2022 to hire a financial adviser to look at strategic alternatives, including the potential value that could be achieved via a sale or a business combination.

($1 = 0.9177 euros)

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