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The agreement will see Bally's paying £18.50 per share for Gamesys, which is 12.7% higher than the price the shares closed at on March 23rd, 2021. If Gamesys shareholders opt to, they can get 0.343 shares of Bally's for every share of Gamesys that they hold. The Board of Directors of Gamesys have already voted in approval of the purchase.
For Bally's purchasing Gamesys would help the company further its interests in the American iGaming market, which is growing as more states regulate the activity.
A joint statement between the companies said in part: "Bally's and Gamesys believe that having a combination of both proven, developed technology and land-based platforms across key US states, with global brands, existing customer bases and complementary product offerings will be key to taking advantage of these growth opportunities."
This agreement is subject to regulatory approval and will have to jump through some hoops to come to fruition. We're following this story and will be updating readers as we learn more.