Greek gaming technology provider Intralot recently announced that it has secured €660 million in financing to support its acquisition plan for Bally's international interactive business. The financing agreement includes a €460 million six-year senior secured term loan reached with institutional lenders, and a €200 million four-year amortizing term loan from a consortium of Greek banks.
According to the acquisition agreement, Intralot will acquire Bally's international interactive business for a total of €2.7 billion in cash and stock. The company stated that this transaction will create a leading online gambling and lottery industry enterprise with annual revenues of €1.1 billion, and through a reverse merger, make Bally's the major shareholder of Intralot.
The prerequisites for the completion of the financing include meeting specific requirements related to the acquisition and refinancing. Intralot has also reached an agreement with holders that its €130 million retail bonds will continue to be retained after the acquisition is completed.
Following the transaction, Bally's CEO Robeson Reeves will succeed Nikolaos Nikolakopoulos as CEO of Intralot, while Nikolakopoulos will lead the lottery division. Intralot Chairman Sokratis Kokkalis and Bally's Chairman Soohyung Kim will continue to serve on the board.
Intralot's recent financial report shows that the company's revenue slightly increased in the first half of the year, but gross profit declined and a slight net loss was recorded. The lottery business remains its main source of income, accounting for 53% of total revenue, with sports betting contributing 22%, and video lottery terminals and IT product services accounting for 12.8% and 12.2%, respectively.
Market analysis suggests that the post-acquisition combined entity will focus on expanding in the UK market. Bally's existing customer base and operational experience in the UK market will be used as a driving force for Intralot's development in the B2C iGaming, sports betting, and iLottery sectors.
Both parties expect the acquisition to be completed by the end of 2025, and are currently advancing related regulatory approvals and integration preparations.
