Bally’s agrees in principle to buy Gamesys for £2bn

Business News

Gamesys has agreed to a possible takeover by Bally’s Corp in a deal valued at two billion pounds.

The company said Gamesys would benefit from Bally’s platform in the US as online gaming and sports betting opens up in the world’s biggest economy.

Bally would gain Gamesys’s technology, expertise and management with Gamesys chief executive Lee Fenton heading the combined group. Shares in Gamesys jumped as much as 19% to an all-time high of 1,956 pence, above Bally’s offer of 1,850 apiece in cash.

As a part of the possible combination, Bally’s also proposed to make a share alternative available to Gamesys shareholders of 1,655 pence each for those who wished to remain shareholders in the larger group.