Finance

Bally’s raises $671.4m via share offering to fund Gamesys acquisition

| By Robert Fletcher
Casino operator Bally’s Corporation has raised $671.4m through a share offering, with the funds to be used to partially finance its acquisition of Gamesys Group.

Bally’s issued a total of 12,650,000 shares of common stock, including 1,650,000 shares issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $55.00 each.

Proceeds after deductions but before expenses were $671.4m (£481.9m/€559.3m) – surpassing the initial target of $600.0m – with this to be used to fund a portion of the cash consideration payable to shareholders of Gamesys as part of the previously announced acquisition deal.

Last month, the boards of Bally’s and Gamesys agreed terms on a merger that would see Bally’s acquire Gamesys for £2.0bn. Further details of the agreement were made public last week, with Bally’s and Gamesys aiming to create a leading retail and online gambling business in the US and beyond.

Bally’s agreed to pay £18.50 ($25.77) per Gamesys share, though Gamesys shareholders also have the option to exchange their holding for 0.343 newly issued Bally’s shares per Gamesys share.

Read the full story on iGB North America.

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