Bally’s and Gamesys Agree Preliminary £2 Billion Merger
The board of Bally’s and the board of Gamesys have announced that they have reached an agreement in principle of a £2 billion ($2.74billion/€2.31billion) combination of the two companies, to which Bally’s would acquire Gamesys.
The Gamesys Board and Bally’s Board believe that the combination has a compelling strategic and financial rationale, would create long-term value for both Gamesys and Bally’s and would be consistent with Bally’s and Gamesys’ respective long-term growth strategies.
Gamesys would benefit from Bally’s fast-growing land-based and online platform in the United States, providing market access through Bally’s operations in key states as the nascent iGaming and sports betting opportunity develops in the US. Bally’s would benefit from Gamesys’ proven technology platform, expertise and highly respected and experienced management team across the online gaming field.
The combined group would be well-positioned to capitalise on the full range of opportunities present both in the US and beyond.
Soo Kim, Chairman of Bally’s, commented, “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.”
Lee Fenton, CEO of Gamesys, went on to say, “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. Our shared passion and vision to capitalise on technology disruption to better serve our customers, wherever they may be, should make for an exciting journey for our employees, customers and shareholders alike.”
Bally’s will have until 5.00 p.m. (London time) on 21 April 2021 to either announce a firm intention to make an offer for Gamesys or announce that it does not intend to make an offer.