Goldman Sachs Reduces Significant Equity Holding in Kindred Group
In a significant move, Goldman Sachs has reduced its stake in the Kindred Group, paving the way for French gaming giant La Française des Jeux (FDJ) to complete its acquisition of the online gambling company.
According to a notification, Goldman Sachs' stake in Kindred has decreased from 7.99% to 0.16%, effective as of August 16, 2024. This reduction follows a series of transactions earlier this year, during which Goldman Sachs increased its stake from an initial 0.22% to 7.99%.
The expected acquisition of Kindred by FDJ is scheduled to close by the end of this year, subject to regulatory approvals. FDJ's chief financial officer, Pascal Chaffard, expressed confidence in receiving approval from French regulatory bodies for the acquisition.
Goldman Sachs' decision to divest a large portion of its stake in Kindred comes amidst a commitment from the Kindred Group to responsible gambling. The company reaffirmed its commitment in light of Euro 2024, with its ongoing program, Journey Towards Zero, aiming to eliminate revenue from problem gambling.
Kindred Group also confirmed a major shareholding move on August 21, 2024. The company that acquired a new majority stake in Kindred Group plc on August 16, 2024, is Flutter Entertainment plc.
The news of Goldman Sachs' reduced stake in Kindred follows a trend of major shifts in shareholding in the company. Earlier this year, JPMorgan Chase & Co and Goldman Sachs completed similar transactions, securing a stake of more than 5% in Kindred after the announcements in May.
Despite concerns about potential monopolization, FDJ has denied these assertions, stating that the acquisition will not lead to a monopoly in the French market. The acquisition is expected to strengthen FDJ's position in the online gambling sector and provide opportunities for growth and innovation.
As the acquisition process continues, both Kindred Group and FDJ remain committed to their respective missions of responsible gambling and delivering high-quality gaming experiences to their customers.
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