Bally’s has announced that its acquisition of Gamesys is set to take effect from October 1.
This aligns with the expected closing of the deal in Q4, which the businesses set out in a timeline published in May.
The merger has already received regulatory approval from the GB Gambling Commission. The original scheme document, which outlines the conditions of the merger, states that section 102(4)(a) of the Gambling Act must be adhered to. This section stipulates that all current licenses held by the Gamesys group must continue to be in effect after the deal closes.
The merger must also comply with certain regulatory approvals in the United States, and a court hearing on this is set to occur on 30 September.
Once the court hearing concludes and the conditions have been met, the merger is set to take effect on October 1 or shortly after.
Gamesys shares will be delisted from the New York Stock Exchange by 8:00am on October 4. The new Bally’s shares will be listed by 9:30am on the same day.
The terms of the $2.74bn (£2bn/€2.31bn) merger were approved by both Bally’s and Gamesys’ boards in March, and was finalized in April.
The deal was approved by shareholders in June.
As part of the deal, Bally’s agreed to pay $25.77 (£18.50/€22.01) per Gamesys share.
In preparation for the merger, Bally’s raised $671.4m (£490.9m/€573.5m) via share offering, where Bally’s issued 12,650,000 shares of common stock at $55.00 each.