Bally’s Corporation completes merger with Gamesys Group
Earlier this year, Bally’s and Gamesys negotiated the terms of their $ 2.7 billion merger. As part of the deal, Bally’s agreed to pay Gamesys about $ 2.7 billion, or about $ 25 per company share. Now the companies have announced that the merger is complete after court approval.
Bally’s and Gamesys Group complete $ 2.7 billion merger
A leading company in the field of casino entertainment, Bally’s Company completed its merger with Gamesys Group, the online gaming company. Under the agreement, Bally’s agreed to pay around $ 2.7 billion (£ 2 billion) to the Gamesys Group. This works out to about $ 25 per company share in cash.
It was in March of this year when the duo negotiated the terms of the $ 2.7 billion merger. After that, in April, Bally’s and Gamesys agreed to final terms of the merger. In June, the deal received approval from the boards of directors of both companies.
The merger should bring many benefits
President of Bally Sooo kim has already pointed out that the merger will undoubtedly lead to significant business growth in the online sports betting markets and in the United States. He added that Bally’s is excited about the opportunities the combination presents and “the enhanced and comprehensive experience and product offering it will allow us to offer to our customers.”
In addition, the CEO of Gamesys, Lee fenton said the merger would allow Gamesys to “take full advantage of the technology, products and know-how” it has developed for more than two decades. Fenton predicted that the combined company will continue to grow in the largest regulated online gaming market in the world.
Although the UK Gambling Commission has already approved the merger, approval was also awaited by the court in the United States. Bally’s revealed last month that the merger can be expected as of today, following a hearing set for September 30.
Now, since the final approval has been given, the merger is complete. Pursuant to 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 also submitted their resignations.