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ATHENS - Intralot S.A. (ATSE:INLOT) will acquire Bally’s Corporation’s (NYSE:BALY) International Interactive business in a cash-and-shares transaction valuing the business at €2.7 billion, according to a press release issued by both companies. InvestingPro data shows Bally’s, currently valued at $484 million in market cap, is trading below its Fair Value, though the company faces significant operational challenges with a weak financial health score.
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 finance the deal, Intralot has secured commitments for debt financing up to €1.6 billion and plans to launch a share capital increase of up to €400 million. This comes as InvestingPro analysis reveals Bally’s already operates with a concerning debt-to-equity ratio of 7.0 and faces challenges with cash burn.
Following completion, Intralot will remain listed on the Athens Stock Exchange, with Bally’s becoming the majority shareholder. Intralot founder Sokratis Kokkalis will maintain 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.
Post-transaction, Robeson Reeves, currently Bally’s CEO, is expected to become Intralot’s CEO. Nikolaos Nikolakopoulos, Intralot’s current CEO, will serve as President and CEO of the Lotteries division, while Chrysostomos Sfatos will become CFO.
The deal requires Intralot shareholder approvals, antitrust and gaming regulatory approvals, and other customary closing conditions. Intralot has also received notice that Bally’s ownership in the company has increased from 26.86% to 33.34%, triggering a mandatory tender offer for remaining Intralot shares.
The companies expect the combined entity to generate €1.1 billion in revenues with approximately 38% pre-synergies EBITDA margin and strong cash flow conversion above 90%. For context, Bally’s current operations generate $2.4 billion in annual revenue, though InvestingPro analysis indicates profitability concerns with negative earnings per share of -$8.16. Discover more insights about Bally’s financial outlook in the comprehensive Pro Research Report, available with an InvestingPro subscription.
Deutsche Bank is serving 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.
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 auditor for the fiscal year ending December 31, 2025. The compensation of Bally’s executive officers was also approved on a non-binding advisory basis, alongside the Amended and Restated 2021 Equity Incentive Plan.
In a separate development, Bally’s Corporation announced a strategic investment of USD $187 million in The Star Entertainment Group Limited. This investment involves a multi-tranche issuance of convertible notes and subordinated debt, aiming to support The Star’s turnaround efforts. Upon conversion, Bally’s could own a significant portion of The Star’s fully diluted share capital, contingent on shareholder and regulatory approvals. The company has engaged various financial and legal advisors to facilitate the transaction. These recent developments underscore Bally’s ongoing strategic initiatives and governance actions.
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