Intralot Raises €660 Million for Bally’s Acquisition
Intralot, a Greek gaming technology company, has arranged €660 million in new loans to help fund its purchase of Bally’s International Interactive business.
LISTEN TO THIS ARTICLE:The deal, which was announced earlier in the year, aims to combine the strengths of both companies in online gaming and lotteries. Company leaders say the move will help them expand their reach and improve their offerings to customers around the world.
Intralot's new funding includes a €460 million loan over six years from institutional lenders, secured against the company's assets. Another €200 million comes from a group of Greek banks in a four-year loan that will be paid back in instalments. In addition, Intralot has worked out terms to keep its existing €130 million bond in place after the deal closes. All of this money will go directly toward buying Bally’s interactive unit, which handles online gaming operations. The setup gives Intralot the financial backing it needs to complete the €2.7 billion transaction, which mixes cash and shares.
The loans depend on meeting certain conditions tied to the acquisition and refinancing of existing debts. The financing comes at a key time for Intralot as it prepares to close the acquisition by the end of 2025. It follows months of planning since the agreement was first revealed in July. For Bally’s, based in the US, selling the interactive division will provide cash to support its casino projects on the ground in places like the US and Australia.
Combining Strengths for Growth
The acquisition will bring together Intralot's lottery know-how with Bally’s skills in online gaming and data tools. Once combined, the new entity expects to generate about €1.1 billion in yearly revenue, positioning it as a stronger player in the industry. Bally’s will end up owning most of Intralot after the share swap, giving it a bigger stake in global operations.
For Intralot, this means stepping up its game in areas like sports betting and online lotteries.
Bally’s, on the other hand, can use the sale proceeds to focus on building physical casinos, easing some of its financial pressures. The deal has cleared early hurdles like shareholder votes and is now waiting on approvals from regulators.
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. 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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Looking Ahead for the Companies
As the deal moves forward, changes in leadership are on the horizon.
Reeves will take over as CEO of the combined company, while Intralot's current CEO, Nikolaos Nikolakopoulos, will focus on the lottery division. Long-time figures like Intralot Chairman Sokratis Kokkalis and Bally’s Chairman Soohyung Kim will stay on the board to guide the transition.
The companies have their eyes on growth in markets like the UK, where Bally’s already has a strong customer base. Reeves noted during a recent investor call that while being focused on one market has its risks, it also builds stability through reliable regulations. He added that joining forces with Intralot will help spread out their business and open new opportunities.
Intralot's recent half-year results showed some ups and downs, with lottery sales leading the way but overall profits slipping slightly. Still, executives remain optimistic that the acquisition will strengthen their position and bring value to customers and shareholders alike.
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