Intralot to acquire Bally’s international interactive business in €2.7bn deal
The cash-and-shares transaction will see Bally’s become Intralot’s majority shareholder, creating a new global lottery and iGaming entity.
Key points:
– Intralot to acquire Bally’s International Interactive business for €2.7bn
– Bally’s to receive €1.53bn in cash and €1.136bn in newly issued Intralot shares
– Deal completion expected in Q4 2025, subject to regulatory and shareholder approvals
Intralot has announced a definitive agreement to acquire Bally’s international interactive business in a cash-and-shares deal valuing the business at €2.7bn ($3.1bn).
The acquisition, approved by both companies’ Boards, will be completed through a combination of €1.53bn in cash and €1.136bn in new Intralot shares.
To finance the transaction, Intralot has secured €1.6bn in debt commitments from a banking group including Deutsche Bank and Goldman Sachs and plans to raise up to €400m through a share capital increase.
In Q1 2025, Intralot reported €94.4m in revenue, up 10.9% year-on-year, supported by long-term contract renewals in New Zealand and New Hampshire. The company’s adjusted net leverage ratio improved to 2.4x.
The acquisition will integrate Bally’s iGaming operations – primarily based in the UK – with Intralot’s lottery technology business.
Intralot will retain its listing on the Athens Stock Exchange and the combined group is projected to become one of the largest by market capitalisation on the exchange.
The newly merged company will incorporate Bally’s Vitruvian analytics platform into Intralot’s LotosX and PlayerX systems, aiming to deliver enhanced B2B and B2C services across lottery and gaming verticals.
Good to know: Bally’s, which currently owns 33.34% of Intralot, will become the majority shareholder following completion
Management will include Bally’s CEO Robeson Reeves as CEO of Bally’s and Intralot, with current Intralot CEO Nikolaos Nikolakopoulos set to lead the lotteries division.
Intralot’s Founder Sokratis Kokkalis and Bally’s Chairman Soohyung Kim will both serve on the post-transaction Board, which will expand to 11 directors.
The transaction is expected to close in the fourth quarter of 2025, pending shareholder, antitrust and gaming regulatory approvals.
Bally’s has also secured a $500m secured debt facility and an additional $100m delayed draw facility to manage refinancing and development efforts, including Bally’s Chicago.
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