Bally’s seals £2bn merger with Gamesys
Gamesys chair Neil Goulden among high-profile departures from board as court approves takeover scheme document
Bally’s merger with Gamesys Group will officially take effect from 4 October following receipt of court approval for the £2bn combination.
As part of mandatory conditions for the merger, both firms applied to have a full legal review of the scheme takeover document, which sets out the terms and conditions for the multi-billion-pound arrangement first announced in April 2021.
It follows a positive endorsement of the deal from both sets of shareholders.
In September, the Gambling Commission (UKGC) determined that all operating licences held by Gamesys Group and its subsidiaries would remain in place following the effective takeover date.
Approval of the deal was also granted by US regulators.
Trading in Gamesys shares has ceased, with the FTSE 250 operator scheduled to de-list from the London Stock Exchange on 4 October.
At the same time, additional shares will be registered in Bally’s on the New York Stock Exchange, representing the value of the Gamesys Group.
Gamesys Group board members Neil Goulden, Andria Vidler, Colin Sturgeon, Nigel Brewster, James Ryan and Katie Vanneck-Smith have all tendered their resignations and will step down from its board of directors with immediate effect.
Gamesys CEO Lee Fenton will assume the CEO role at the combined group, while his opposite number, George Papanier, will be retained as a member of the new board and will continue to manage the combined group’s retail casino business.