Goldman Sachs and JP Morgan shuffle Kindred Group holdings
US banks notify market after taking respective stakes in Unibet parent company above 5% threshold
Goldman Sachs and JP Morgan have shifted their respective shareholdings in Kindred Group to over the 5% notification threshold.
Goldman Sachs now holds a 5.12% stake in the Stockholm-listed operator following three shifts in its shareholding between 15 and 17 May.
On 15 May, the firm raised its stake in the group to 5.64% from its previous 0.22% holding.
The group’s nominal stake in Kindred came after it offloaded a majority of its stock on 7 March from 7.99% to 0.22%.
Then, on 16 May, Goldman Sachs further raised its stake in Kindred to 6.04%, before dropping its holding to 5.12% the following day.
In the case of JP Morgan, the business held a 5.07% stake in Kindred Group, as of 17 May. The Delaware-based bank increased its shareholding from 4.82%, which it held as of 2 April.
On 24 May, Kindred announced it had been notified two days prior that JP Morgan had dropped its holding in the group to 5.02% as of 20 May.
The increase in shares to over the 5% threshold sees JP Morgan essentially return to its previous position in the Unibet company it held earlier this year when it garnered a 5.06% stake, as of 27 March.
At the end of March, La Française des Jeux (FDJ) acquired a 1.12% stake in Kindred from Veralda Investment Group for €25.8m (£21.9m) ahead of its planned £2.1bn move for the operator later this year.
The French operator, along with the backing of Kindred’s major shareholders in the shape of Corvex Management, Premier Investissement, Eminence Capital, Nordea and Veralda, represent 26.82% of Kindred’s outstanding shares.
In the year to date, Kindred’s share price is up more than 34% to SEK124.30 (911p).