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Bally’s Corporation (NYSE:BALY) announced Monday it has entered into a definitive agreement with Intralot S.A., a publicly listed company in Greece, for the sale of its subsidiary Bally’s Holdings Limited, which operates its international interactive business. The transaction values the business at approximately €2.7 billion. The deal comes as Bally’s faces significant financial challenges, with InvestingPro data showing the company’s market capitalization at $484 million and a concerning debt-to-equity ratio of 7.0x.
Under the terms of the agreement, Bally’s will receive €1.53 billion in cash, subject to adjustments, and 873,707,073 newly issued ordinary shares of Intralot, valued at €1.30 per share. Upon completion of the transaction, Bally’s is expected to become the majority shareholder of Intralot.
The closing of the transaction is anticipated in the fourth quarter of 2025 and is subject to several conditions. These include the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, receipt of required non-U.S. antitrust and gaming regulatory approvals, approval by Intralot shareholders, completion of an intended offering by Intralot of newly issued shares for cash, listing of the new Intralot shares on the Athens Exchange, and receipt of debt financing by Intralot.
A subsidiary of Intralot has secured commitments for up to €1.6 billion in debt financing from Citizens Bank, Deutsche Bank (ETR:DBKGn), Goldman Sachs, and Jefferies. This financing is expected to be refinanced through the debt capital markets and is subject to certain conditions.
This announcement is based on a statement released by Bally’s Corporation in a filing with the Securities and Exchange Commission.
In other recent news, Bally’s Corporation has announced a significant transaction involving the sale of its International Interactive business to Intralot S.A. The deal, valued at €2.7 billion, consists of €1.53 billion in cash and €1.136 billion in newly issued Intralot shares, with Bally’s set to become the majority shareholder in Intralot. The transaction, expected to close in the fourth quarter of 2025, has been approved by both companies’ boards and is subject to regulatory approvals. Stifel has maintained its Hold rating on Bally’s stock, keeping the price target at $12.00, following this announcement.
In connection with the transaction, Bally’s has secured a $500 million secured debt facility to repay existing debt and a $100 million delayed draw facility for general corporate purposes. Additionally, Bally’s shareholders have recently approved key proposals at their annual meeting, including the election of directors and the ratification of Deloitte & Touche LLP as the independent auditor. The shareholders also approved executive compensation and the Amended and Restated 2021 Equity Incentive Plan. These developments highlight Bally’s strategic maneuvers and the confidence of its shareholders in the company’s future direction.
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