Bally’s has finalized its previously announced merger with a high-profile iGaming content developer, Gamesys Group. The two parties have completed the action following the latest court approval. The companies have previously agreed on the terms and the deal has been finalized and approved by the shareholders. Everything has happened according to plan, as the expected period for the transaction to go through was Q4 2021. It will amount to a staggering $2.7bn.
According to the deal, Bally’s has accepted to pay $25.77 per Gamesys Group share. The merger has already been approved by the regulatory body from Great Britain. After the GB Gambling Commission has granted it, only the final court approval from the US has remained. The aforementioned approval will see Gamesys shares delisted from the NY Stock Exchange. The new Bally’s shares are expected to be listed soon.
The Staff Changes
As per the agreement, six non-executive Gamesys directors have resigned from their positions. They include Colin Sturgeon, James Ryan, Nigel Brewster, Andria Vidler, Katie Vanneck-Smith and Neil Goulden. However, Lee Fenton, CEO at Gamesys, will have the same title in the merged group, whereas two more Gamesys directors will enter the board.
On the other hand, Georges Papanier, CEO at Bally’s, will also remain on the new enterprise’s board. He is to run the operations of Bally’s host of land-based casinos. Moreover, the former Bally’s COO, Robeson Reeves, will become the President of the new firm. These changes are expected to fortify the new enterprise and help it grow steadily as planned. The company will strive to implement the strategies of its two parts to realize the great potential it has.
This merger will continue the strategy of progress Bally’s has realized in the last couple of years. Gamesys’ innovative technology platform will enhance Bally’s offering across the US, including real-money iGaming and online sports betting options. Furthermore, joining the two companies’ technologies and player databases makes up one of the largest omni-channel portfolios in the industry. All the versatile offerings, combined with significant media partnerships, enable the new company to grow in the highly prospective US market.
Impressions of the Officials
Both companies’ representatives voiced their unanimous delight over the merger. There is mutual certainty the move will be beneficial for both enterprises. Soo Kim, Bally’s chairman, stated that Gamesys’ highly reputable and knowledgeable management team and their well-known technology platform bring significant opportunities. Bally’s will enable the entrance to the US iGaming market, which should allow the group to use the expansion opportunities.
Lee Fenton noted that both companies shared the same values and passion, which made the process easy. They both look to use the technology disruption to offer a unique player experience, wherever the players may be. He expressed hope this would be a thrilling ride for everyone involved, including customers, employees and shareholders. He made a prediction the company would rise steadily in the US, the world’s biggest regulated iGaming market.