London-listed JPJ Group has completed the acquisition of various business assets of Gamesys to begin a new era as Gamesys Group.
JPJ Group entered into an agreement in June to acquire Gamesys, excluding sports brands and games, for £250m in cash and 33.7m newly issued shares.
As the acquisition constitutes a reverse takeover under the UK’s Listing Rules, the company's existing securities on the London Stock Exchange have been cancelled and readmitted this morning, with the company now renamed Gamesys Group.
Gamesys Group will be led by Lee Fenton as chief executive officer, with Robeson Reeves serving as chief operating officer and former Jackpotjoy Operation CEO Simon Wykes assuming responsibility for the transition under a 12-month contract.
“The completion of the acquisition of Gamesys marks an important milestone for the company, creating a leading UK and international operator and offering customers an even greater choice of major brands and different games,” said Gamesys Group executive chairman Neil Goulden. “For shareholders, the acquisition will deliver earnings accretion in the first full financial year of ownership whilst employees will also benefit from the combination of two companies with a strong commitment to responsible gaming.
“However, the completion of the acquisition and the creation of Gamesys Group plc marks just the start, and the board and senior management team, led by chief executive officer Lee Fenton, are now resolutely focused on integrating the two businesses and further enhancing our product and technology offerings. We are very excited about the opportunities and prospects ahead and look forward to providing further updates on the new group.”
Fenton commented: “Following today's successful completion, I am very excited to join the enlarged group as CEO. The combination of two leading and complementary businesses has created an organisation with greater scale and capability which stands the new Gamesys Group plc in good stead as the competitive and regulatory environment continues to evolve.
“With full operational control of technology and operations, an enhanced brand portfolio and our exceptional combined talent base, we are confident that we are well positioned to create significant opportunities for future growth.”
Shares in Gamesys Group plc (LSE:GYS) were trading up 1.66 per cent at 737.00 pence per share in London Friday morning.