Bally’s reaches agreement in £2 billion Gamesys acquisition
Bally’s Corporation has allegedly attained a certain deal in order to obtain Gamesys Group Plc, with an initial proposal worth over £2bn.
The corporation is now looking to improve and enlarge its Digital portfolio, and has proposed £18.50 for each share to the Gamesys investors in order to kickstart the discussions. Bally’s also noted that the proposal it set forth is a near 40% surcharge on the share price for the company back in January, when it was worth £13.30 per share, and is when the corporation first set out its offer.
The offer’s conditions reveal that Bally’s will also be providing a Share Alternative to all Gamesys shareholders, which will give them the chance to obtain New Bally’s Shares at a rate of 0.343 for each share of Gamesys.
Gamesys CEO, Lee Fenton, said in a statement detailing the purchase:
“From our first meeting to now it has been the entrepreneurial energy of the two businesses that has brought us to the edge of creating a uniquely powerful company.”
Bally’s currently runs 11 land-based casinos in seven states of the USA. It has since transitioned into quickly improving and expanding its digital capacity by taking over assets from various others such as Bet.Works, SportCaller and more recently, Monkey Knife Fight.
Moreover, the group is supposedly developing its US platform for iGaming and sports betting via some deliberate M&A moves, which will help them in steering clear from the blueprint of entering a deal with a provider from Europe.
Previously, in 2019, Gamesys had been acquired by JPG for about £490m, then giving it its new name which it currently operates under.
Bally’s Chairman Soo Kim said:
“We believe that this combination would mark a transformational step in our journey to become a leading integrated, omni-channel gaming company with a B2B2C business. We think that Gamesys’ proven technology platform alongside its highly respected and experienced management team, combined with the US market access that Bally’s provides, should allow the combined group to capitalise on the significant growth opportunities in the US sports betting and online markets. We are truly excited about the opportunities that this combination would offer and the enhanced and comprehensive experience and product offering that it would enable us to offer our customers.”