The merger agreement between Gamesys and Bally’s was signed in April. Gamesys is expected to present the detailed document of the deal around 28 May, pending legal approval. In return, Bally’s will disclose the share issue required for the share alternative offered to Gamesys shareholders on the same date, subject to Financial Conduct Authority approval.
If all terms are agreed upon and approved by the relevant regulatory bodies, the merger will take effect in the fourth quarter of 2021. Bally’s initially agreed to acquire Gamesys for £2bn in March. To fund the deal, Twin River (now operating as Bally’s) raised $671m through a share offering.
Both companies anticipate that the merger will enable them to capitalize on the growing US market. Prior to the takeover, Gamesys reported a 27% increase in revenue for Q1, while Bally’s recorded revenue exceeding $185m in the same period.
