Bally’s Corporation’s acquisition of Gamesys Group is nearing completion after the board of directors of the US betting and gaming behemoth received the requisite votes for all shareholder approvals.
Bally’s will purchase the entire issued and to be issued ordinary share capital of Gamesys, in collaboration with Premier Entertainment, under the terms of the first takeover agreement inked in April. Gamesys requested to delist from the London Stock Exchange following the initial announcement.
The new combined group will be headquartered in Providence, Rhode Island, if the agreement is finalised, putting an end to Gamesys’ operations in the United Kingdom.
Gamesys’ Chief Executive Officer, Lee Fenton, stated: “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.
“Given our comprehensive suite of collective assets and our track record of successfully developing online gaming operations in highly-competitive markets, we believe we will be able to offer customers a unique and differentiated approach to gaming.”
The programme is likely to go into effect in the fourth quarter of 2021, with Gamesys notifying the Regulatory Information Service of any modifications to key dates in the timeframe.
Despite the fact that the merger is planned to be completed by the end of Q4 2021, it is still subject to customary circumstances, such as regulatory approval.
Soo Kim, Chairman of Bally’s Corporation’s Board of Directors said: “We are very pleased to have received our shareholders’ support, enabling us to achieve this next milestone toward the transaction close.
“By combining with Gamesys, we will meaningfully accelerate our growth strategy to become a premier, global, omni-channel gaming company, which we believe will create significant long-term shareholder value.
“We look forward to closing the transaction later this year, and working with Lee and the rest of Gamesys’ seasoned management team.”