Greek lottery and gaming provider Intralot has entered into a ‘definitive agreement’ to acquire Bally’s International’s interactive business in a cash-and-shares transaction valued at €2.7 billion ($3.18 billion).
The deal breaks down to a €1.53 billion ($1.81 billion) cash consideration and €1.13 billion ($1.33 billion) in newly issued shares in the new Intralot.
Following the completion of the deal, Intralot ‘is expected to be a leading digital gaming operator and technology provider for lottery products with a footprint in some of the most attractive markets in Europe and North America’, while also allowing the company ‘to pursue new opportunities in gaming and lottery markets globally’.
Completion of the transaction is expected in the fourth quarter of this year.
Nikolaos Nikolakopoulos, Intralot’s CEO and board member, noted of the deal that: “Intralot takes a major step forward in becoming a global technology and services leader in the Lottery and Gaming sectors. Bally’s brings unparalleled digital capabilities, technological and operational, giving us a unique advantage in helping State Lotteries enhance player experiences and maximize returns for good causes”.
Bally’s CEO and board member Robeson Reeves added: “This transaction marks a transformative moment for Bally’s as we unite our outstanding gaming and data technology with Intralot’s exceptional expertise in lottery”.
Following the completion of the acquisition, Reeves is expected to become Intralot’s CEO, while Nikolakopoulos will serve as President and CEO of the Lotteries division of Intralot.
