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