Intralot’s €2.7 billion (£2.35bn/US$3.12bn) acquisition of Bally’s International Interactive business, creating a global iGaming and lottery group with enhanced scale and diversification, has been confirmed.
The deal provides Bally’s with €1.53 billion in cash and €1.136 billion in newly issued Intralot shares, giving the company a 58 percent majority stake in the enlarged Intralot.
And the acquisition combines Intralot’s global lottery and gaming operations with Bally’s International Interactive’s digital expertise and technology stack.
Following a €429 million (£373.44m/US$496.47m) share issue that was multiple times oversubscribed, Intralot has become one of the largest listed gaming firms on the Athens Stock Exchange.
The merged business is expected to generate annual revenues of around €1.1 billion (£957.62m/US$1.67bn) with EBITDA margins exceeding 39 percent, driven by operational synergies and cross-market integration.
Milestone
Bally’s plans to use at least US$1 billion (£752.3m/€864m)of post-tax cash proceeds from the transaction to reduce secured debt, including revolving credit balances, and a further US$500 million from a planned sale and leaseback of its Twin River Lincoln Casino Resort.
An additional US$200 million (£150.45m/€172.78m) will be allocated to the ongoing development of its Chicago casino.
The newly combined Intralot entity will operate across B2G, B2B, and B2C channels, aiming to capitalise on the projected €200 billion (£174.18bn/US$231.5bn) global iGaming and lottery market by 2029.
“This is a milestone transaction for Bally’s,” affirmed the company’s CEO Robeson Reeves.
“We have unlocked significant liquidity in a key asset while establishing an even stronger platform for digital growth.
“Our shareholders now have visibility into the value of our interactive division as part of a larger, globally scaled operator. Intralot’s lottery expertise and reach, combined with Bally’s International Interactive’s proven digital capabilities, creates a powerful foundation for expansion over the long term.”
