Clifford Chance advises Gamesys Group plc on its combination with Bally’s
International law firm Clifford Chance has advised leading global online gaming operator Gamesys Group plc (“Gamesys”) on its combination with Bally’s Corporation (“Bally’s”), a NYSE-listed leading U.S. omnichannel provider of land-based gaming and interactive entertainment (the “Combination”).
The Combination is being implemented in accordance with the UK Takeover Code. The consideration for the Combination involves a cash offer with a share alternative. Bally’s have received irrevocable undertakings to support the Combination from c.33% of Gamesys’ shareholders, with c.26% committing to elect for the share alternative.
The deal will allow Clifford Chance’s long-standing client, Gamesys (>£2bn market cap), to beneﬁt from Bally’s fast-growing land-based and online platform in the United States, providing market access through Bally’s operations in key states as the nascent iGaming and sports betting opportunity develops in the US. Bally’s would beneﬁt from Gamesys’ proven technology platform, expertise and highly respected and experienced management team across the online gaming ﬁeld. The Combined Group would be well positioned to capitalise on the full range of opportunities available both in the US and beyond.
The deal is expected to complete in the fourth quarter of 2021, subject to the satisfaction of customary conditions including gaming regulatory approvals and approval by Bally’s and Gamesys shareholders.
The Clifford Chance team advising Gamesys is led by Corporate partners Katherine Moir and Steven Fox, supported by lead senior associate Olivia Higgs. The team includes Simon Thomas (ECM), Andrew Patterson (Incentives), Jenine Hulsmann (Antitrust), Nick Mace (Tax) and Kathleen Werner (US Securities).