FDJ Launches a Recommended All-Cash Tender Offer for Kindred to Create a European Gaming Champion

Regulatory News:

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).
  • 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.

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