The deal which currently forms a conditional agreement, will see JPJ Group plc acquire the business of Gamesys (Holdings) Limited (“Gamesys”), excluding sports brands and games, for a mixture of cash and new JPJ shares.
The acquisition of Gamesys is subject to JPJ shareholder approval, customary regulatory conditions and the Gamesys Group Reorganisation and it is expected to be completed in quarter 3 of 2019.
Neil Goulden, Executive Chairman of JPJ, commenting on the proposed acquisition said: “This Acquisition marks an important transformational step in JPJ’s growth, providing significant benefits for shareholders, employees and customers.”
“For shareholders, we expect the Acquisition to deliver earnings accretion in the first full financial year of ownership, while our employees will benefit from the combination of two companies with a strong commitment to responsible gaming and where the greater scale will further enhance our product development and technology capabilities.”
“Our customers will also now have an even greater choice of major brands and different games, all on one platform, creating a truly leading UK and international operator. The rationale for the acquisition of Gamesys is based on growth and both teams – at JPJ and our new colleague.”
Lee Fenton, Chief Executive of Gamesys and proposed Chief Executive of the Enlarged Group, commented: “I am very excited to join the Enlarged Group as CEO. This is a strategically important transaction that adds scale and combines complementary capabilities as the competitive and regulatory environment continues to evolve.”
“The Enlarged Group’s combined brand portfolio, strategically aligned operating structure, technology capabilities and exceptional combined talent base will create significant opportunities for growth in the market.”
A telephone conference call for investors is to be held at 3pm today concerning the proposed acquisition.