Intralot and Bally’s Corp. on Tuesday announced that their respective boards have approved an agreement for Intralot to acquire Bally’s International Interactive Business.
The cash-and-shares transaction is valued at €2.7 billion (US$3.18 billion). The acquisition will comprise a combination of cash paid by Intralot and new shares delivered by Intralot to Bally’s.
Intralot expects to refinance part of its existing debt and Bally’s expects to repay secured debt from the cash proceeds.
“The transaction we announced today marks a doubly important day: On the one hand, for Intralot, which is growing with the acquisition of the online division of Bally’s International Interactive, creating a company with significant multiples in operating profits and unlimited space to expand into online gaming,” Intralot Founder Sokratis Kokkalis, who will maintain a significant stake in Intralot, said in a statement.
