Goldman Sachs Significantly Reduces Stake in Kindred Group
The international gaming company Kindred Group has announced that one of its key shareholders, The Goldman Sachs Group, has divested a substantial portion of its shares.
Goldman Sachs reduces investment in Kindred Group.
LISTEN TO THIS ARTICLE:This is not the first instance of notable shareholding activity reported by Kindred in recent times. Earlier this year, the company revealed substantial shareholding changes involving JPMorgan Chase & Co and The Goldman Sachs Group. Following an announcement in May, both financial giants held more than 5% of Kindred’s shares.
Divestment Follows Major Investment
In March, Goldman Sachs had only a 0.22% stake in Kindred. However, the company later increased its holding to 7.99%. Subsequent transactions in May and June adjusted Goldman Sachs’ stake to 5.42%.
Leading up to this week’s announcement, Goldman Sachs still held a 5.42% stake in Kindred. However, on August 16, the company notified Kindred of a significant reduction, leaving it with just 0.16% of the shares.
Kindred Group plc (Kindred) hereby announces that it, on 21 August 2024, has received a notification of major holding from The Goldman Sachs Group, Inc., a company with its registered office in Wilmington, USA. The notification refers to a decrease in the number of shares and voting rights in Kindred held by The Goldman Sachs Group. According to the notification, the Goldman Sachs Group held 0.16% of the shares and voting rights in Kindred as of 16 August 2024.
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Busy Times for Kindred Group
The latest development comes at a busy time for Kindred Group. Following Euro 2024, the company reiterated its commitment to responsible gambling, emphasizing the importance of tools designed to promote safer gambling practices. Kindred continues to pursue its “Journey Towards Zero” initiative, aiming to eliminate revenue generated from problem gambling.
Additionally, Kindred has been the subject of acquisition interest from France’s leading gaming operator, La Française des Jeux (FDJ), which announced earlier this year its plans to acquire Kindred. The transaction is expected to be finalized by the year’s end.
Despite concerns about the potential monopolization of the market, FDJ has dismissed such claims. Last month, Pascal Chaffard, FDJ’s chief financial officer, expressed confidence that the acquisition would receive the necessary approvals from French regulators.
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