FDJ’s CEO says ‘planets aligned’ for acquisition after Kindred’s US exit

FDJ’s CEO says ‘planets aligned’ for acquisition after Kindred’s US exit

Article brief provided by Gambling Insider
  • Tim Poole, Gambling Insider
March 24, 2024 12:51 PM

La Française des Jeux (FDJ) Chairwoman and CEO Stéphane Pallez says there was “an alignment of the planets” following the French operator’s €2.6bn ($2.8bn) offer to purchase Kindred Group.

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Several timely factors supported FDJ’s decision to buy its fellow operator – a process Pallez says will take up most of FDJ’s 2024 – but perhaps none more so than Kindred’s decision to leave the US following a strategic review.

The difficulties of competing in the US, more precisely the levels of investment required to build up a database in return for a yet-to-be-seen profit, have been laid bare with the exit of a number of competing firms.