Intralot to acquire Bally’s International Interactive Business
Intralot and Bally’s Corp. on Tuesday announced that their respective boards have approved an agreement for Intralot to acquire Bally’s International Interactive Business.
The cash-and-shares transaction is valued at €2.7 billion (US$3.19 billion)1 EUR = 1.1805 USD
2025-07-01Powered by CMG CurrenShift. The acquisition will comprise a combination of cash paid by Intralot and new shares delivered by Intralot to Bally’s.
Intralot expects to refinance part of its existing debt and Bally’s expects to repay secured debt from the cash proceeds.
“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 Sokratis Kokkalis, who will maintain a significant stake in Intralot, said in a statement. “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.”
The transaction, subject to adjustments, will be made up of a €1.530 billion (US$1.81 billion)1 EUR = 1.1805 USD
2025-07-01Powered by CMG CurrenShift in cash and €1.136 billion (US$1.34 billion)1 EUR = 1.1805 USD
2025-07-01Powered by CMG CurrenShift of new shares in Intralot (873.7 million shares, at an implied value of €1.30 (US$2)1 EUR = 1.1805 USD
2025-07-01Powered by CMG CurrenShift per share).
To support the €1.530 billion (US$1.81 billion)1 EUR = 1.1805 USD
2025-07-01Powered by CMG CurrenShift cash to Bally’s and refinance part of its debt, Intralot has obtained commitments from Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies for debt financing up to €1.6 billion (US$1.89 billion)1 EUR = 1.1805 USD
2025-07-01Powered by CMG CurrenShift, which is expected to be refinanced through the debt capital markets and is subject to certain conditions. Intralot expects to launch an up to €400 million (US$472 million)1 EUR = 1.1805 USD
2025-07-01Powered by CMG CurrenShift share capital increase by way of an equity offering of shares listed on the Athens Stock Exchange.
Intralot is expected to remain listed on the Athens Stock Exchange.
“It is also a special day for me personally to see the company I founded 33 years ago in Greece and which has become one of the top three companies in the lottery technology industry worldwide through its technology innovation and dynamism, acquiring new vision and prospects,” said Kokkalis. “Finally, I would like to thank (Sooyung) Kim for his commitment to our partnership.”
Bally’s, Intralot’s largest shareholder, is expected to become the majority shareholder of Intralot with a significant equity stake in Intralot.
Intralot is expected to be a leading digital gaming operator and technology provider for lottery products with a footprint in some of the most attractive markets in Europe and North America.
“This is a tremendous statement of intent that signals Bally’s strong commitment to establishing a global lottery and online gaming champion,” Bally’s Board and Vice Chairman said of Intralot’s board Kim. “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.”
A release said the combined technological capabilities of the companies will allow Intralot to pursue new opportunities in gaming and lottery markets globally. Intralot is expected to be among the largest companies by market capitalization listed on the Athens Stock Exchange after the transaction, which is expected to occur in the fourth quarter.
In connection with the deal, Bally’s has secured commitments for $500 million in secured debt which, together with the cash from the transaction, will be used to repay secured debt. In addition, Bally’s has secured commitments for a $100 million delayed draw in secured debt, which may be used for general corporate purposes, including the development of Bally’s Chicago.
Intralot also received notice that Bally’s and its affiliates’ ownership in Intralot has increased from 26.9% to 33.3%, after which a mandatory tender offer obligation for the remaining outstanding shares of Intralot has been triggered.
The Intralot management team is expected to be Robeson Reeves, currently Bally’s CEO and a member of board, who will become Intralot CEO.
Nikolaos Nikolakopoulos, Intralot’s Group CEO and a member of its board, is expected to serve as President and CEO of the lotteries division of Intralot, and Chrysostomos Sfatos, Intralot’s group deputy CEO and a member of its board, is expected to serve as Intralot’s CFO.
“Intralot takes a major step forward in becoming a global technology and services leader in the lottery and gaming sectors,” said Nikolakopoulos. “Bally’s brings unparalleled digital capabilities, technological and operational, giving us a unique advantage in helping state lotteries enhance player experiences and maximize returns for good causes.”
“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,” said Reeves. “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.”
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