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Intralot S.A. and Bally’s Corporation announced a definitive agreement for Intralot to acquire Bally’s International Interactive business. Both companies’ boards approved the transaction.
Intralot trades on the Athens Stock Exchange under ticker INLOT. Bally’s is listed on the New York Stock Exchange as BALY.
Sokratis Kokkalis founded Intralot 33 years ago and currently serves as chairman. He’ll maintain a significant stake after the deal closes.
Soohyung Kim chairs Bally’s board and serves as vice chairman at Intralot. He’s already Intralot’s largest shareholder with 33.34% ownership.
The companies want to create a global gaming and lottery champion. Combined operations will have enhanced scale and diversification across B2B and B2C markets.
Intralot brings €1.4 billion in contracted lottery revenue through 2029. The company has an 89% contract renewal rate with 16-year average contract duration.
Bally’s International Interactive holds a strong UK online casino position. The division delivers best-in-class margins versus competitors.
Together they’ll target a $187 billion global addressable market by 2029. iGaming markets are projected to grow 14% annually while lottery grows 5%.
Intralot will pay €2.7 billion enterprise value for the International Interactive business. The consideration splits between €1.530 billion cash and €1.136 billion in newly issued shares.
Bally’s receives 873,707,073 Intralot shares valued at €1.30 each. This makes Bally’s the majority shareholder of the combined entity.
Intralot secured €1.6 billion debt financing commitments from Citizens Bank, Deutsche Bank, Goldman Sachs and Jefferies. The company also plans a €400 million equity offering.
Bally’s will use transaction proceeds to repay secured debt. It also secured a $500 million debt facility plus $100 million delayed draw facility.
Completion is expected in Q4 2025 subject to shareholder and regulatory approvals. Intralot will remain listed on the Athens Stock Exchange.
Robeson Reeves, currently Bally’s CEO, will become Intralot’s new CEO. Nikolaos Nikolakopoulos moves to president and CEO of the lotteries division.
The combined entity expects €1.1 billion revenues with 38% EBITDA margins pre-synergies. Operating free cash flow conversion should exceed 90%.
Management targets 2.5x net leverage post-transaction. The company plans 35% dividend payout ratio with flexibility for higher distributions.
Both companies will enter brand licensing agreements to maintain access to historical intellectual property and services.
Recently, Intralot released its financial results for Q1 2025, revealing it generated €94.4 million in revenue, a gain of 10.9% year-on-year. The spike in revenue was reportedly supported by long-term contract renewals in New Hampshire and New Zealand. The results also highlighted that the company’s adjusted net leverage ratio increased to 2.4x.
