Intralot S.A., a Greek company specializing in gaming and lottery technology, has signed a binding agreement to purchase Bally’s International Interactive. The deal is worth €2.7 billion ($3.18 billion), combining cash and issued shares. This move represents a key moment in the global gaming industry. The companies expect to complete the transaction by the end of 2025, subject to approval from regulators and shareholders.
Intralot Plans €400M Stock Sale to Fund Agreement with Bally’s
The deal will have Intralot shell out €1.53 billion ($1.8 billion) in cash, along with €1.53 billion ($1.8 billion) in issued shares to Bally’s. The financial backing includes debt commitments from a group of banks headed by Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies. Intralot also aims to raise up to €400 million ($471.6 million) through a public stock sale on the Athens Stock Exchange to back the deal.
Once the deal is done, Bally’s will have the biggest share in Intralot, giving it a strong say in the new company. Intralot will keep its spot on the Athens stock market, where it is likely to be one of the top companies by size. The man who started Intralot, Sokratis Kokkalis, will still own a good chunk of it. The company’s leadership will change, with Robeson Reeves, who is now CEO at Bally’s, stepping in to run Intralot.
Intralot Gains Major Foothold in UK iGaming Through Bally’s Integration
The purchase has a big impact on Intralot’s standing in online gaming in the UK, where Bally’s International Interactive division is well-known. This smart decision blends Intralot’s lottery tech platforms with Bally’s digital skills and the Vitruvian analytics system. This creates a varied tech ecosystem that can serve both B2B and direct-to-consumer markets.
Experts suggest there is room to work together well, with the joint company expected to bring in €1.1 billion ($1.3 billion). Almost 60% of this money will come from the UK, and over 20% from North America. The company also expects a strong EBITDA margin of about 38%, with free cash flow conversion above 90%.
Kokkalis labeled the deal as a turning point for Intralot and a boost for Greece’s investment landscape. Leaders from both companies stressed that the merger aims to take advantage of growing worldwide demand for iGaming and lottery products. They believe the joined group is in a good spot to move into new markets and product areas.
This agreement shows a wider pattern of mergers in the global gaming industry. Companies are looking for size and tech integration to stay competitive in markets that are becoming more regulated and crowded.