Bally's advances Gamesys acquisition, expects completion on October 1

Bally’s Corp provided on Monday an update on its $2.7 billion acquisition of Gamesys Group PLC, which is expected to be completed in early October.

Bally’s said merger conditions relating to the Gambling Commission of Great Britain have been satisfied, but the company is still awaiting US regulatory approval and a court hearing to sanction the scheme.

The hearing has been given a September 30 date, at which the companies expect confirmation that their deal is effective from October 1, or shortly after.

The acquisition would align with the expected closing of the deal in Q4, which was previously announced in May. Gamesys shares will be delisted from the New York Stock Exchange on October 4, 7:30 a.m., while the new Bally’s shares will be listed shortly after on the same day.

Shareholders of both Bally’s and Gamesys approved the business combination at their respective meetings on June 30, 2021. The combined entity would be well positioned to capitalize on the full range of opportunities available both in the US and abroad.

Gamesys would benefit from Bally's land-based and online platform in the United States, providing market access through Bally's operations in key states as the nascent iGaming and sports betting opportunities develop in the US. In turn, Bally's would benefit from Gamesys' technology platform, expertise and management team across the online gaming field.

“By combining with Gamesys, we will meaningfully accelerate our growth strategy to become a premier, global, omni-channel gaming company, which we believe will create significant long-term shareholder value,” said Soo Kim, Chairman of Bally’s Corporation’s Board of Directors on July.

“Given our comprehensive suite of collective assets and our track record of successfully developing online gaming operations in highly-competitive markets, we believe we will be able to offer customers a unique and differentiated approach to gaming,” said Lee Fenton, Gamesys’ Chief Executive Officer, also on July.