Intralot SA has raised €660 million ($777 million) to acquire Bally’s International Interactive and restructure part of its balance sheet.
The Athens-listed company stated that the financing package consists of a €460 million ($541 million) six-year senior secured term loan from institutional investors and a €200 million ($235 million) four-year amortizing term loan provided by a consortium of Greek banks.
Use of Proceeds
The funds will be used to partially finance the acquisition of Bally’s International Interactive and to repay certain existing obligations. The transaction remains subject to conditions precedent related to the completion of both the acquisition and refinancing steps.
On September 16, bondholders approved changes allowing Intralot’s €130 million ($153 million) retail bond to remain outstanding after the completion of the deal.
The company stated that it continues to monitor market conditions with the intention of later accessing debt capital markets to replace financing initially arranged with international banks.
Intralot signed a definitive agreement with Bally’s Corporation in July 2025 to acquire its international interactive operations, significantly expanding the company’s digital and gaming portfolio.
Intralot H1 2025 Financial Results
Following the release of Intralot SA’s half-year results for 2025 (August), it became clear that the group’s core business remains EBITDA-positive, despite the ongoing €2.4 billion ($2.82 billion) Bally’s Interactive acquisition.
Revenue for the six months ending June 2025 was €168 million ($198 million), up 1.7% year-on-year. Operating profit (EBIT) increased by 8.5% to €25 million ($29.4 million). Net income was close to breakeven at (€0.1 million / $0.12 million), free cash flow rose to €43.5 million ($51.2 million), and adjusted net debt decreased by €52.7 million ($62 million) to €303 million ($356.5 million), lowering the leverage ratio to 2.3x.
Intralot Chairman Sokratis Kokkalis commented: “Our results reflect stable revenue and profitability, strengthened cash flows, and a significant reduction in debt. We are entering a transformative period that will expand our global presence through strategic acquisitions and innovation.”
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