Bally's merger with Gamesys moves forward as key shareholder sells stake

Bally's merger with Gamesys moves toward completion as the UK digital betting firm's co-founder and executive chairman Noel Hayden agreed to sell his shares in exchange for those of Bally’s, according to an announcement Wednesday.

Back in March, Bally’s agreed to buy Gamesys for $2.7 billion (£2 billion). The operator said it would pay 1,850 pence per share in cash for the company but it also offered an alternative payment of 0.343 Bally’s shares for every share of Gamesys.

Hayden owns 15 million Gamesys shares, around 14% of the company’s issued share capital. He agreed to the alternative payment proposal and will sell his Gamesys shares in return for those of the US casino operator, as it expands into digital betting, CITY AM reports.. Bally’s established a trust to hold shares issuable to Gamesys shareholders who elected for the share alternative. 

Following the completion of the merger, Gamesys CEO Lee Fenton is to become Group Chief Executive Officer, while Gamesys COO Robeson Reeves and non-executive director Jim Ryan will join Bally’s board.

Current Bally's CEO George Papanier will stay in charge of the brick-and-mortar business, and keep his seat on the board.