• Intralot and Bally's Corporation are closer to the sale of Bally's International Interactive business
• The two companies will complete the sale by 2025, they expect, and create new synergies between the two
• Bally's own executive will move over to Intralot to help steer the company

Intralot S.A. and Bally’s Corporation have confirmed that their respective Board of Directors have agreed to a definitive transaction agreement which will see Intralot acquire Bally’s International Interactive business unit in a cash-and-shares deal that has been pinned at €2.7bn.

Bally’s is selling its interactive division, but gaining ground in Intralot

Both companies expect the deal to be closed by the end of 2025 and allow Bally’s International Interactive unit to start operating under the new parent company’s umbrella.

The deal, funded by cash and newly-issued shares to be delivered to Bally’s, will see the company put forward a €1.53bn cash consideration as well as €1.13bn newly-issued shares in Intralot, or 873,707,073 shares valued at €1.30, the company clarified in an official press statement.

The deal is hailed as a significant milestone in the global gaming industry and represents one of the largest acquisitions to date in the sector. The finances of the transaction are also backed by Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies, while Intralot will attempt to raise additional cash through a public stock sale on the Athens Stock Exchange, seeking to rake in €400m in the process.

However, Intralot’s acquisition of Bally’s International Interactive business unit does not mean that the two companies will be going their separate ways. Rather, Bally’s will effectively become the largest shareholder in the Greek company, which means that it will be directly involved with the direction Intralot pursues in the future.

While Sokratis Kokkalis, Intralot’s founder, will still retain a substantial share in the firm, Bally’s will bring its experts with their hands-on experience, and specifically, Robeson Reeves, who will vacate his position as Bally’s CEO and transfer over to Intralot.

The two companies have agreed to move forward with the transaction, analyzing the synergies the deal would create for both entities.

Deal to strengthen core markets and tech ecosystem for the two companies

Intralot and Bally’s will be able to blend their respective fields of expertise, including technological stacks and established track records in the development of analytics and digital systems to bolster their market presence in core markets such as the United Kingdom and across North America.

Kokkalis has expressed high hopes for the deal, arguing that the transaction will not only serve to strengthen the company’s international footprint, but also help drive forward the country’s – that is, Greece’s – investment landscape.

Mergers and acquisitions are increasingly important to gambling companies in the sector that wish to remain competitive, and the interesting symbiosis between Intralot and Bally’s has outlined a new way of completing such deals, where the two companies can not only transfer assets but also deepen their business footprints and derive other benefits.

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