Bally’s Gamesys merger clears UKGC operating licence hurdle
US casino operator to complete $2.75bn deal for FTSE 250 firm on 1 October with Gamesys shares to de-list three days later
Bally’s’ $2.75bn merger with Gamesys is set to complete on 1 October after the UK Gambling Commission (UKGC) approved the multi-billion-dollar deal.
The UK regulator has determined that all operating licences held by members of Gamesys Group will remain in place following the effective takeover date.
Under the current scheme of completion, a court hearing has been scheduled for 30 September to obtain the required legal approval of the takeover, although Bally’s has confirmed that US regulatory approvals are still outstanding.
The last official day for trading in Gamesys shares will be 30 September, with the FTSE 250 operator scheduled to de-list from the London Stock Exchange on 4 October.
At the same time, additional shares will be registered in Bally’s on the New York Stock Exchange, representing the value of the Gamesys Group business.
Gamesys shareholders have already given their assent to the deal in a vote which took place in July.
On the other side of the table, Bally’s conducted an $850m capital raising exercise in April 2021 to fund the acquisition.
Current Gamesys Group CEO Lee Fenton will become CEO of the combined company.
Bally’s CEO George Papanier will be retained as a member of the new board and will continue to manage the combined group’s retail casino business.
The combined company’s stated aim with the deal is to become an omni-channel business operating in both B2C and B2B markets with a primary focus on the US.
Bally’s sports betting brand Bally Bet is likely to be one of the key beneficiaries of the merger as it will utilise proprietary technology stacks from both Gamesys and Bally’s-owned Bet.Works.