PROVIDENCE – Bally’s Corp. has completed a massive acquisition of the British online gaming operator Gamesys Group PLC, the company announced Monday.
The deal, worth billions of dollars, includes the appointment of a new Bally’s CEO. The Rhode Island-based company is taking charge of nearly 2,000 Gamesys employees.
The transaction could be worth up to $2.2 billion, or $3.4 billion when considering the taking on of debt and the value of Bally’s shares issued to Gamesys shareholders, the companies have previously said.
The deal entails Bally’s purchasing all of Gamesys’ stock. Gamesys shareholders will receive newly issued shares of Bally’s at a rate of $25.42 per Gamesys share or have the option for a share alternative at $20.85 per Gamesys share.
As part of the acquisition, Gamesys Group CEO Lee Fenton takes over as CEO of Bally’s, while the former Bally’s CEO George Papanier assumed the role of president, retail, for Bally’s land-based casino business.
“I am honored to have the opportunity to lead Bally’s in the next phase of our evolution. Our business is transforming from being a regional casino operator into an industry leader in retail, sports, media and i-gaming, which will see us bringing together a set of assets that gives us a formidable platform for growth as a digital-first leader in global gaming entertainment,” Fenton said in a statement Monday.
Bally’s has significantly expanded over recent years, purchasing multiple casinos properties, a sports betting platform, a daily fantasy sports website and a free-to-play gaming provider. However, the company’s acquisition of Gamesys is by far its largest.
“Bally’s acquisition of Gamesys transforms our company into the premier omnichannel gaming company. We welcome the 1,800 members of the Gamesys team to the Bally’s family, and we welcome your strong technology capabilities and your proven international business acumen. We cannot wait to see what we are able to accomplish together in the U.S. and beyond,” Soo Kim, chairman of Bally’s board of directors, said in a statement.
