Intralot acquires Bally’s International Interactive business for $3.18bn
As part of the transaction, Intralot expects to refinance part of its existing debt facilities while Bally’s also plans to repay secured debt from the cash proceeds.
Key Points
- The agreement includes a $1.8bn cash consideration for Bally’s as well as just over $1.1bn of newly issued shares in Intralot
- To support the consideration and refinance part of its existing debt, Intralot obtained commitments from multiple banks for debt financing up to approximately $1.9bn
Intralot S.A. (Intralot) and Bally’s Corporation respective Board of Directors have approved Intralot’s acquisition of Bally’s International Interactive business for an enterprise value of nearly €2.7bn (US$3.2bn), expected to close in the fourth quarter of 2025.
“The transaction we announced today marks a doubly important day: On the one hand, for Intralot, which is growing with the acquisition of the online division of Bally’s International Interactive, creating a company with significant multiples in operating profits and unlimited space to expand into online gaming,” Intralot Founder and Chairman Sokratis Kokkalis said.
“On the other hand, for Greece and the Greek stock exchange, where a strong large-cap company is being created with the prospect of attracting significant foreign capital, helping to establish the country as a reliable investment destination.”
As part of the transaction, Intralot expects to refinance part of its existing debt facilities while Bally’s also plans to repay secured debt from the cash proceeds, including a $1.8bn cash consideration as well as just over $1.1bn of newly issued shares in Intralot.
To support the consideration and refinance part of its existing debt, Intralot obtained commitments from Citizens Bank, Deutsche Bank, Goldman Sachs and Jefferies for debt financing up to approximately $1.9bn.
The combined technological capabilities of the two operators was said to allow Intralot to pursue new opportunities in both domestic and international gaming and lottery markets.
“This is a tremendous statement of intent that signals Bally’s strong commitment to establishing a global lottery and online gaming champion,” Bally’s Chairman and Intralot Vice Chairman Soohyung Kim said.
“By joining with Intralot, the resulting company will be anchored in Europe, and will have significantly greater financial scale from which to drive growth and compete on a global basis.”
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Bally’s CEO Robeson Reeves also spoke on the transaction, having said, “This transaction marks a transformative moment for Bally’s as we unite our outstanding gaming and data technology with Intralot’s exceptional expertise in lottery.
“Together, we are creating a unique proposition that will pave the way for a new era of innovation and growth across the entire gaming spectrum.”
Reeves is set to take over as Intralot CEO while remaining in his position with Bally’s while current Intralot CEO Nikolaos Nikolakopoulos is expected to serve as President and CEO of the Lotteries division for Intralot. Chrysostomos Sfatos will also assume the role of CFO for the operator once the transaction is finalized.
Following the completion of the transaction, Intralot will remain listed on the Athens Stock Exchange according to the operator, which is also planning to launch an up to $471.5m share capital increase through an equity share offering, subject to corporate and regulatory approvals.
Bally’s, currently Intralot’s largest shareholder, is also expected to become the majority shareholder of Intralot as a result of the transaction with a “significant” equity stake in the company.
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