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The completion date for Bally’s Corporation’s acquisition of Gamesys Group has been scheduled for October 1, as the US betting and gaming conglomerate looks to boost its online gaming reputation.
For Bally’s, the transaction represents an opportunity to strengthen its position in the growing online betting and gaming market in the United States, 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.
Bally’s will buy the totality of Gamesys current and future issued share capital, in collaboration with Premier Entertainment, as originally agreed in April of this year.
UKGC regulatory approval
Despite still needing clearance from US colleagues, the US sports betting and gambling conglomerate announced that the M&A process had acquired regulatory approval from the UK Gambling Commission.
The companies intend to merge in early October, and a court hearing to approve the deal is set on September 30.
Bally’s agreed to pay £2 billion for the UK online gaming company earlier this year, paying £18.50 per share in cash, corresponding to a near 40 percent premium over the British group’s share price of £13.30 as of January 25.
As a result, the two firms merged in Providence, the capital of the US state of Rhode Island, with Gamesys ceasing operations in the UK and being delisted from the London Stock Exchange.
vertically integrated company
Lee Fenton, CEO of Gamesys, at the time of the takeover 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.”
With the transaction coming to an end, Fenton will remain in his current position in the combined group, while Robson Reeves, COO, and Jim Ryan, Non-Executive Director, will both join the board of the US group.
In addition, as Senior Executive, Bally’s CEO George Papanier will continue to be principally responsible for the company’s retail casino operations.