Intralot secures €660m financing to support Bally’s Interactive deal

Intralot SA has finalised commitments for €660m in new debt facilities to fund its acquisition of Bally’s International Interactive and restructure parts of its existing balance sheet.

The Athens-listed group confirmed that the package consists of a €460m (£400m) six-year senior secured term loan from institutional lenders and a €200m four-year amortising term loan provided by a consortium of Greek banks.

Use of proceeds

Funds will be used to partially finance the agreed acquisition of Bally’s International Interactive while also covering the repayment of certain existing borrowings. The transaction is still subject to conditions precedent tied to the completion of both the acquisition and refinancing steps.

On 16 September, bondholders approved changes allowing Intralot’s €130m retail bond to remain outstanding once the acquisition closes.

The company stated 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, marking a significant expansion of its digital and gaming portfolio.

H1 2025 financial performance

The news comes following Intralot SA’s August 2025 half-year results, which underline that the group’s core business remains EBITDA positive even as it progresses with the €2.4bn Bally’s Interactive acquisition.

Revenue for the six months ending June 2025 was €168m, up 1.7% year-on-year. Operational performance strengthened, with EBIT rising 8.5% to €25m. Net income was close to breakeven at (€0.1m), while free cash flow increased to €43.5m and adjusted net debt fell by €52.7m to €303m, lowering the leverage ratio to 2.3x.

Intralot Chairman, Sokratis Kokkalis, commented: “Our results reflect stable financial performance in revenue and profitability, strengthened cash flows, and a significant reduction in debt. We are entering a transformative era that will redefine our global presence through strategic acquisitions and innovation.”