ATHENS: Intralot S.A. (ATSE: INLOT) and Bally’s Corporation (NYSE: BALY) announced Tuesday that their boards have approved a definitive agreement for Intralot to acquire Bally’s International Interactive business in a cash-and-stock transaction valued at €2.7 billion ($2.9 billion).
The deal, expected to close in the fourth quarter of 2025, will see Intralot pay €1.53 billion ($1.65 billion) in cash and issue €1.136 billion ($1.23 billion) in new shares to Bally’s. The transaction will make Bally’s the majority shareholder of Intralot, while Intralot founder Sokratis Kokkalis will retain a significant stake.
Financing and Strategic Impact
Intralot secured €1.6 billion ($1.73 billion) in debt financing from Citizens Bank, Deutsche Bank, Goldman Sachs and Jefferies to fund the cash portion and refinance existing debt. The company also plans a €400 million ($433 million) share offering on the Athens Stock Exchange.
The acquisition will combine Intralot’s lottery technology with Bally’s digital gaming operations, creating a global leader in iGaming and lottery services. The merged entity will operate in key European and North American markets, leveraging Bally’s Vitruvian data analytics platform and Intralot’s LotosX and PlayerX systems.
Post-transaction, Bally’s CEO Robeson Reeves will become Intralot’s CEO, while current Intralot CEO Nikolaos Nikolakopoulos will lead the lotteries division. The board will expand to 11 directors, with a majority being independent.
“This marks a transformative moment for Intralot,” said Kokkalis, Intralot’s founder and chairman. “We are creating a strong, large-cap company that will attract global investment.”
Bally’s Chairman Soohyung Kim called the deal “a statement of intent to build a global gaming champion,” while Reeves highlighted the combined company’s potential for innovation.
The deal is subject to shareholder, antitrust and gaming regulatory approvals. Bally’s has also triggered a mandatory tender offer for remaining Intralot shares after increasing its stake to 33.34%.
Intralot is a Greece-based gaming technology provider operating in 40 jurisdictions.
Bally’s owns 19 U.S. casinos and holds online sports betting licenses in 13 North American markets.
Deutsche Bank advised Intralot, while Bally’s was advised by Goldman Sachs, Jefferies and Citizens JMP Securities.