Deals
Bally’s Agrees to Buy Betting Firm Gamesys for $2.7 Billion
- Gamesys CEO Lee Fenton would become CEO of combined group
- U.S. gambling firms increasing move into digital betting
Photographer: Klaus Vedfelt/Digital Vision/Getty Images
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Bally’s Corp. has reached an agreement in principle to buy U.K. online gaming and gambling platform Gamesys Group Plc in a deal valued at 2.02 billion pounds ($2.7 billion) in the latest move by a U.S. casino operator to expand into digital betting.
Bally’s will pay 1,850 pence per share in cash for the company, it said in a statement on Wednesday. That’s a 13% premium from Gamesys’s closing price on Tuesday. The company’s also offering an alternative payment of 0.343 Bally’s shares for every share of Gamesys, or about 1,655 pence apiece.