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Greek gambling company Intralot has secured €660m ($776m) in financing to help fund its €2.7bn ($3.2bn) acquisition of Bally’s Interactive International.
The long-term debt financing deal has several strands, including a six-year senior secured term loan for €460m ($541m) from institutional investors and a €200m ($235m) four-year long term from a bank consortium in Greece.
The money will go towards its planned acquisition that was announced in July. Once the deal goes through as expected by the end of this year, Intralot believes it will become a leader in the lottery and iGaming sectors with revenue totaling €1.1bn ($1.3bn). Bally’s will have stronger cash reserves to help fuel its projects, including building Chicago’s first-ever casino, which is already underway.
Bally’s will become a majority shareholder of Intralot
As a result of the cash and stock re-merger, Bally’s will become a majority shareholder of Intralot and current Bally’s CEO Robbin Reeves will become Intralot’s CEO.
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