£2bn Gamesys-Bally’s merger set for completion in Q4 2021

News  /  Published 10 May 2021  / 
Gamesys Group and Bally’s Corporation have announced a timeline for their £2bn ($2.74bn/€2.31bn) merger deal, eyeing a closing date in Q4 of this year.

The merger agreement was first signed in April, and Gamesys will be expected to present the document outlining the full details of the deal on or around 28 May – subject to legal approval.

In return, Bally’s will be expected to publish details of the share issue required to facilitate the share alternative made available to Gamesys shareholders on the same date, subject to approval from the Financial Conduct Authority.

If all terms are agreed upon and approved by the appropriate regulatory bodies the merger will come into effect of the fourth quarter of 2021.

Bally’s first agreed upon a £2bn acquisition of Gamesys back in March, with the operator formerly known as Twin River since raising $671m via a share offering to help fund the deal. Both boards said the deal would help the combined business capitalise on the growing US market.

Both companies posted positive financial results in the lead up to the takeover, with Gamesys recording a 27% revenue increase for Q1, and Bally’s posting revenue in excess of $185m in the same period.

Source: iGB News