Bally’s completes £2bn acquisition of Gamesys Group

Bally’s Corporation has announced the acquisition of Gamesys Group after regulatory requirements were met.

The casino and online gaming operator previously announced it had agreed terms to purchase UK operator and software developer Gamesys in March, in a deal worth £2bn ($2.71bn). The deal sees Bally paying $25.77 per Gamesys share and had previously been signed off by the Gambling Commission in Great Britain.

And now following all the remaining necessary regulatory and shareholder approvals, the deal has been completed with Bally’s believing it transforms the company into a "premier, global, data-driven omni-channel gaming company."

As a result of the merger, Gamesys CEO Lee Fenton will now become Bally’s CEO with current incumbent George Papanier staying on the board to take up the role of president for the company’s land-based casino business. Gamesys shares were also delisted from the New York Stock Exchange at 8am on 4 October, with the new Bally’s shares listed on 9:30am.

Bally’s chairman Soo Kim said: "Bally's acquisition of Gamesys transforms our company into the premier omni-channel gaming company. We welcome the 1,800 members of the Gamesys team to the Bally's family, and we welcome your strong technology capabilities and your proven international business acumen. We cannot wait to see what we are able to accomplish together in the US and beyond."

New Bally’s CEO Fenton added: "I am honoured to have the opportunity to lead Bally's in the next phase of our evolution. Our business is transforming from being a regional casino operator into an industry leader in retail, sports, media and iGaming, which will see us bringing together a set of assets that gives us a formidable platform for growth as a digital-first leader in global gaming entertainment. With Gamesys now part of the Bally's family, I look forward to delivering on the exciting opportunities ahead and continuing to create value for our shareholders, employees and customers in the years to come."

Bally’s also announced that it has increased the company’s existing share repurchase authorisation to $350m in outstanding shares of common stock, to drive long-term shareholder value following the merger, which sees the new company carry $4.06bn in comprehensive debt.

Image source: UnSplash.com