Bally’s makes ‘transformational step’ with finalisation of Gamesys takeover

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Bally’s acquisition of Gamesys to close on 1 October

Ted Orme-Claye September 21, 2021iGaming, Europe, Latest News, North America, UKComments Off on Bally’s acquisition of Gamesys to close on 1 October

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Bally’s Corporation has confirmed that its takeover of Gamesys Group will reach completion on 1 October, putting an end to the months-long acquisition process.

The US sports betting and gaming conglomerate revealed that the M&A process had received regulatory approval from the UK Gambling Commission (UKGC), but added that approval was still required from US counterparts.

A court hearing sanctioning the transaction is scheduled for 30 September, after which the two companies expect to merge in early October.

Initially agreed in April of this year, the acquisition will see Bally’s acquire the entire issued and to be issued share capital of Gamesys, in cooperation with Premier Entertainment.

The deal saw Bally’s pay £2 billion for the UK online gaming operator, paying £18.50 pence per share in cash, equating to a near 40% premium on the British group’s share price from 25 January of £13.30.

As a result, Gamesys delisted from the London Stock Exchange and put an end to its UK operations, with the two companies instead forming a combined group in Providence, the capital city of the US state of Rhode Island.

Lee Fenton, CEO of Gamesys, will continue to serve in his current position, whilst COO, Robson Reeves, and Non-Executive Director, Jim Ryan, will also join the board of the US group.

Meanwhile, Bally’s CEO George Papanier will remain on the board as a Senior Executive, primarily responsible for operating the firm’s retail casino business.

Commenting at the time of the takeover, Fenton said: “This combination represents a compelling opportunity to integrate Gamesys’ market-leading gaming technology with Bally’s growing US gaming platform to create a vertically integrated company that is poised to capitalise on the rapidly expanding US online sports betting and igaming market.”

For Bally’s, the transaction represents an opportunity for the group to strengthen its standing in the US’ expanding online betting and gaming market, with a growth strategy of becoming a ‘premier, global, omni-channel gaming company’ and creating ‘significant long-term shareholder value’, according to company Chair Soo Kim.

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Tags Bally’s Corporation Gamesys Group Jim Ryan Lee Fenton Premier Entertainment Soo Kim UK Gambling Commission (UKGC)

Confirmed agreement

A month later after news of a potential £2bn takeover deal broke, Bally’s and Gamesys revealed yesterday in a joint statement that their respective boards had reached an agreement where Bally’s Corporation would acquire Gamesys.

The combination of the two businesses will create a leading retail and online gambling business in the US and beyond.

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US casino operator Bally’s £2bn takeover of Gamesys inches closer

By: Farah Ghouri

The co-founder of British betting firm Gamesys has agreed to sell his shares in exchange for those of Bally’s, according to an announcement today, as the £2bn merger moves toward completion.

In March Bally’s agreed in principle to buy UK firm Gamesys for $2.7bn (£2bn). Bally’s said it would pay 1,850 pence per share in cash for the company but it also offered an alternative payment of 0.343 Bally’s shares for every share of Gamesys.

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Noel Hayden, co-founder of Gamesys and an executive chairman at the company for 18 years, owns 15m Gamesys shares – around 14 per cent of the company’s issued share capital.

Hayden agreed to the alternative payment proposal and will sell his Gamesys shares in return for those of the US casino operator, as it expands into digital betting.

Bally’s established a trust to hold shares issuable to Gamesys shareholders who elected for the share alternative.

After the completion of the merger, Gamesys chief executive Lee Fenton is to become group chief executive, while Gamesys chief operating officer Robeson Reeves and non-executive director Jim Ryan will join Bally’s board.

Current CEO George Papanier will stay in charge of the brick-and-mortar business, and keep his seat on the board.

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