- Intralot S.A. to acquire Bally’s International Interactive Business for €2.7 billion.
- Transaction includes €1.530 billion cash and €1.136 billion in newly issued Intralot shares.
- Completion expected in Q4 2025, subject to shareholder and regulatory approvals.
Intralot S.A. (INLOT) has announced a definitive agreement to acquire Bally’s International Interactive Business from Bally’s Corporation (BALY, Financial), marking a significant move in the global gaming technology and services industry. The acquisition is valued at an enterprise value of €2.7 billion, structured in a mix of cash and newly issued Intralot shares.
The transaction will be financed through a combination of a €1.530 billion cash payment and €1.136 billion in newly issued shares of Intralot. To support the cash payment and refinance part of its existing debt, Intralot has secured commitments for debt financing totaling €1.6 billion from major financial institutions including Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies. Additionally, Intralot plans to launch an equity offering up to €400 million, subject to necessary approvals.
Upon completion, Bally’s, which will become the majority shareholder of Intralot, is expected to repay secured debt and secure a further $500 million secured debt facility. The transaction will enable Intralot to remain listed on the Athens Stock Exchange and strategically position itself as a leading digital gaming operator, leveraging the combined technological expertise of both firms to explore new opportunities globally.
The merger aims to establish a strong presence in both the European and North American markets, with projections indicating a €1.1 billion revenue generation and a pre-synergies EBITDA margin of approximately 38%. This significant transaction is projected to be finalized by the fourth quarter of 2025, pending regulatory and shareholder approvals.
Intralot’s founder, Sokratis Kokkalis, highlighted the acquisition as a pivotal milestone that will leverage both companies’ strengths, expanding Intralot's footprint in the global iGaming and lottery sectors, while Bally’s Chairman Soohyung Kim emphasized the strategic intent to form a global leader in lottery and online gaming.
