Gamesys Group PLC, an international online gaming operator, headquartered in the UK, and US-based casino owner Bally’s have announced their agreement over the takeover to be valued at $2.77 billion. This development that took shape this 24th will make way for Gamesys to access Bally’s wide range of traditional and online platforms available in the US.
This news has positively influenced the share price that witnessed a sudden spike once the partners agreed on the takeover. The Gamesys share price increased by 19% and was valued at 1956 pence, which is reportedly the highest value. The news media reported that Gamesys shareholders would benefit from 1,850 pence that they will get against each share. On the other hand, Bally’s share prices have risen by 6% on the stock market.
As per the news media, the partners have accepted the terms; however, if this is taken to the next level, it will open up new gaming options for gamers through Gamesys. Gamesys will help Bally’s in gaining a competitive advantage in the US sports betting that is now set to rule the lucrative gaming market. Once the deal officially goes through, the new Business will be formed in Rhode Island. Lee Fenton, CEO at Gamesys, is set to take the new company’s reins that will be listed on the New York Stock Exchange (NYSE). Along with Lee Fenton, two more Directors from the Gamesys team are slated to take leadership roles.
Interestingly, this new development comes just as the gaming industry witnessed the many UK and US gambling firms coming together to deliver exceptional gaming experience. American Gaming operators are seeking a new partnership with their counterparts in the UK. This new wave in the gaming industry is shaping up because of the lucrative sports betting space in the US that is now expanding leaps and bounds since the pandemic.
As per the news reports, at the end of last year, the gaming industry witnessed Caesar Entertainment purchasing William Hill at 2.9 billion pounds. In the case of Gamesys and Bally’s deals, the reports suggest that shareholders of Gamesys may receive 1,655 pence against each share.
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Source: Bally’s and Gamesys Shake Hands on the £2bn Takeover Deal