Intralot Secures $1.9B in Financing for Bally’s $3.2B Acquisition

Intralot is making a big move by acquiring Bally’s International Interactive business in a deal valued at around €2.7 billion ($3.2 billion). Both companies’ boards have approved the transaction, and it is expected to close by the end of 2025. The deal will reshape Intralot’s footprint in the global gaming and lottery industry, while also giving Bally’s a stronger position in the European market.

Good to know

• The deal includes $1.8 billion in cash and $1.1 billion in newly issued Intralot shares.
• Intralot will raise up to $471.5 million through a share offering after the deal closes.
• Bally’s is expected to become the majority shareholder of Intralot.

Intralot’s founder and chairman, Sokratis Kokkalis, called it a big moment for both the company and Greece. He said the acquisition will grow Intralot’s operating profits and expand its reach in online gaming. At the same time, he believes it will strengthen Greece’s position as a destination for foreign investment.

The funding behind the acquisition includes debt financing commitments of about $1.9 billion from Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies. Intralot plans to use the proceeds to refinance parts of its current debt. Bally’s will also use its share of the proceeds to pay off secured debt.

Once the deal is complete, the new structure will bring leadership changes. Robeson Reeves, Bally’s current CEO, will step in as CEO of Intralot. He will keep his current position at Bally’s as well. Meanwhile, Intralot CEO Nikolaos Nikolakopoulos will lead the Lotteries division, and Chrysostomos Sfatos will take over as Intralot’s CFO.

Reeves described the deal as a turning point, saying, “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.”

Soohyung Kim, who chairs Bally’s and serves as Intralot’s vice chairman, added, “By joining with Intralot, the resulting company will be anchored in Europe, and will have significantly greater financial scale from which to drive growth and compete on a global basis.”

The two companies say the combined technologies and experience will open new paths in gaming and lottery markets around the world. Intralot also plans to stay listed on the Athens Stock Exchange and is preparing a share capital increase of up to $471.5 million, pending all the needed approvals.

Bally’s already holds the largest stake in Intralot and will become the majority shareholder once the transaction is completed. That sets the stage for deeper integration between the two firms and a wider reach across international markets.

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