Greek brand Intralot S.A. will acquire the international interactive business of American gaming company Bally’s Corporation. The transaction involves cash and shares valuing the business at €2.7 billion. The figures were confirmed according to a press release issued by both companies.
Data from InvestingPro shows that Bally’s is currently valued at $484 million in market cap. However, it is trading below its value even as the company faces significant financial challenges.
The transaction, expected to close in the fourth quarter of 2025, involves €1.53 billion in cash and €1.136 billion in newly issued Intralot shares. To fund the deal, Intralot has secured commitments for debt financing of up to €1.6 billion and plans to launch a share capital increase of up to €400 million.
Bally’s is experiencing financial difficulties
This comes as InvestingPro analysis reveals that Bally’s is already operating with a worrying debt-to-equity ratio of 7.0 and is facing cash burn challenges.
Upon completion, Intralot will remain listed on the Athens Stock Exchange, with Bally’s becoming the majority shareholder. Intralot founder Sokratis Kokkalis will retain a significant stake in the company.
The combined entity aims to become a leading digital gaming operator and technology provider for lottery products with operations across Europe and North America. The transaction brings together Intralot’s lottery technology with Bally’s online gaming capabilities, particularly its strong position in the UK online casino market.
Following the transaction, Robeson Reeves, current CEO of Bally’s, is expected to become CEO of Intralot. Nikolaos Nikolakopoulos, current CEO of Intralot, will serve as President and CEO of the Lottery division, while Chrysostomos Sfatos will become CFO.
Intralot and Bally’s deal pending approvals
The deal requires approvals from Intralot shareholders, antitrust and gaming regulatory approvals, and other customary closing conditions. Intralot also received notice that Bally’s stake in the company has increased from 26.86% to 33.34%, triggering a mandatory tender offer for the remaining Intralot shares.
The companies expect the combined entity to generate €1.1 billion in revenue. For context, Bally’s current operations generate $2.4 billion in annual revenue, though InvestingPro’s analysis indicates concerns about profitability.
Deutsche Bank is acting as financial advisor to Intralot, while Citizens JMP Securities, Goldman Sachs Bank Europe SE and Jefferies International Limited are advising Bally’s on the transaction.
Companies hired consultants to conduct business
In other recent news, Bally’s Corporation held its 2025 Annual Meeting of Shareholders, where several key proposals were approved. Shareholders elected Soohyung Kim, Tracy S. Harris, and Robeson M. Reeves as directors, indicating strong support for the leadership team.
Additionally, Deloitte & Touche LLP was ratified as the Company’s independent auditors for the fiscal year ending December 31, 2025. Bally’s executive compensation was also approved on a non-binding advisory basis, along with the Restated 2021 Stock Incentive Plan.
In a separate development, Bally’s Corporation announced a strategic investment of US$187 million in The Star Entertainment Group Limited. This investment involves a multi-tranche issuance of convertible notes and subordinated debt, aimed at supporting Star’s turnaround efforts.
Following the conversion, Bally’s would be able to own a significant portion of Star’s fully diluted equity capital, subject to shareholder and regulatory approvals. The company has retained several financial and legal advisors to facilitate the transaction.
