Bally’s Corporation edges closer to Gamesys acquisition
The company has stated the deal will take effect from October 1, 2021.
Bally’s corporation, a Rhode Island-based gaming company, has today announced that its acquisition of Gamesys is set to take effect from October 1, 2021.
The deal, worth $2.74bn was approved by both parties in March before being finalized in April.
The agreement has received regulatory approval from the Great British Gambling Commission. Per the terms of this approval, the agreement must adhere to conditions set by both the GB Gambling Commission and laws set out in the United States. A court hearing regarding the acquisition’s US legality is set to take place on 30, September.
If the plans go forward, Gamesys’ shares will be delisted on the New York Stock Exchange on the morning of October 4, with the new Bally’s shares being listed later the same day.
Per the agreement, Bally’s will pay $25.77 per Gamesys share. Prior to the terms of the acquisition being agreed, Bally’s raised $641.4m through a share offering in which the company issued 12.65m shares of common stock listed at $55 per share.
Bally’s Corporation is a US-based gaming, betting and interactive entertainment company. The organization currently operates 14 casinos in ten states, as well as a horse racing track in Colorado. Furthermore, Bally’s has taken an active role in entering the growing sports betting market throughout the US, gaining online sports betting licenses in 14 states.
Initially founded in 2004, the company acquired the rights to Bally’s brand in 2020 after an agreement was found with Caesars Entertainment.
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