Bally’s Corporation and Gamesys Group have agreed on definitive terms by which Bally’s will combine with Gamesys, a leading, global, online gaming operator.

Consistent with U.K. regulatory requirements, Bally’s arranged interim financing for the transaction from Deutsche Bank Aktiengesellschaft, London Branch, Goldman Sachs Bank USA and Barclays Bank PLC. Bally’s intends to seek to refinance the bridge facility and Gamesys’ debt through one or more capital market transactions, which could include public or private offerings of Bally’s shares or other securities and a company-wide bank credit facility. There can be no assurance to the timing or terms of such capital markets transactions.

Commenting on the combination, Soo Kim, Chairman of Bally’s Corporation, said, “We believe that this combination will mark a transformational step in our journey to become a leading integrated, omni-channel gaming company with a B2B2C business.

We think that Gamesys’ proven technology platform alongside its highly respected and experienced management team, combined with the US market access that Bally’s provides, should allow the combined group to capitalize on the significant growth opportunities in the US sports betting and online markets. We are truly excited about the opportunities that this combination would offer and the enhanced and comprehensive experience and product offering that it would enable us to offer our customers.”

Commenting on the combination, Neil Goulden, Chairman of Gamesys, said, “The combination would give unique optionality to Gamesys shareholders. The recommended cash offer, including the Gamesys FY20 dividend, provides a 41.2% premium to the Gamesys share price at the time of the original proposal from Bally’s and is at a significant premium to the all-time high Gamesys share price prior to the 2.4 announcement. However, should Gamesys shareholders wish to invest in a business with a strong foothold in the high-growth US gambling market combined with established markets in the UK and Japan, they can elect for part or all of their holding to be converted into Bally’s shares.”