Earlier this year, Bally’s and Gamesys negotiated the terms of their $2.7 billion merger. Under the deal, Bally’s agreed to pay approximately $2.7 billion to Gamesys, which is approximately $25 per company share. Now, the companies have announced that the merger was completed following court approval.
Bally’s and Gamesys Group Finalize $2.7 Billion Merger
A leading casino-entertainment company, Bally’s Corporation completed its merger with Gamesys Group, the online gaming company. Under the deal, Bally’s agreed to pay approximately $2.7 billion (£2 billion) to Gamesys Group. This represents approximately $25 per company share in cash.
It was back in March this year when the duo negotiated the terms of the $2.7 billion merger. After that, in April, Bally’s and Gamesys agreed on definitive terms of the merger. In June, the deal received approval from the boards of directors of the two companies.
The Merger Is Expected to Bring Lots of Benefits
Bally’s chairman Soo Kim has previously outlined that the merger will undoubtedly result in significant growth of the company within the online and US sports betting markets. He added that Bally’s is excited about the opportunities that the combination presents and “the enhanced and comprehensive experience and product oﬀering that it would enable us to offer our customers.”
Additionally, Gamesys’ CEO, Lee Fenton said that the merger would enable Gamesys to “fully leverage the technology, product and know-how” it has developed for more than two decades. Fenton predicted that the combined company will continue growing in the largest regulated online gambling market in the world.
Although the Gambling Commission in the UK had already approved the merger, approval was also expected by the court in the US. Bally’s revealed last month that the merger can be expected as soon as today, following a hearing set for September 30.
Now, considering that final approval was given, the merger is completed. Under the terms of the merger, Gamesys’ non-executive directors Neil Goulden, Andria Vidler and Colin Sturgeon have resigned from their positions. Additionally, non-executive directors Katie Vanneck-Smith, James Ryan and Nigel Brewster have also submitted their resignations.