Gaming

US casino operator Bally´s £2bn takeover of Gamesys inches closer

Wednesday 25 de August 2021 / 13:32

⏱ 1 min read

(United States).- The co-founder of British betting firm Gamesys has agreed to sell his shares in exchange for those of Bally’s, according to an announcement today, as the £2bn merger moves toward completion.

US casino operator Bally´s £2bn takeover of Gamesys inches closer

In March Bally’s agreed in principle to buy UK firm Gamesys for $2.7bn (£2bn). Bally’s 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.

Noel Hayden, co-founder of Gamesys and an executive chairman at the company for 18 years, owns 15m Gamesys shares – around 14 per cent of the company’s issued share capital.

Hayden 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.

Bally’s established a trust to hold shares issuable to Gamesys shareholders who elected for the share alternative.

After the completion of the merger, Gamesys chief executive Lee Fenton is to become group chief executive, while Gamesys chief operating officer Robeson Reeves and non-executive director Jim Ryan will join Bally’s board.

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

Categoría:Gaming

Tags: Sin tags

País: United States

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