Bally’s To Merge With Gamesys In £2 Billion Deal
Gamesys the online gaming company that has Vera&John, Virgin Games and Jackpotjoy within their portfolio has agreed with US Casino operator Bally’s to be acquired for a valuation of £2 billion.
Both boards of Gamesys and Bally’s have agreed the deal in principal with Bally’s offering a 12.7% premium on the valuation of Gamesys, however since the announcement Gamesys share value has risen by 19% in London trading.
It is understood that the founder members of Gamesys who hold a 30.7% share in Gamesys have already agreed and accepted the offer from Bally’s
Should the remaining shareholders approve the deal Lee Fenton, the CEO of Gamesys would become the new Chief Executive of the combine companies with the current CEO of Bally’s George Papanier, would move into a new evolved role with total responsibility of running the Bally’s casino estate within the US.
Soo Kim, Chairman of Bally’s, said on the deal: “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.”
“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.”
Commenting on the proposed Combination, Lee Fenton, CEO of Gamesys, said: “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.”
