Athens-based lottery and gaming firm Intralot SA has opened a combined offering of new ordinary voting shares to fund its Bally’s Int’ Interactive acquisition.
The initiative aims to increase share capital, offering shares with an individual nominal value of €0.30 and capped at a maximum of €1.27 per share. As reported, Intralot SA aims to issue between 350 and 450 million new shares. Concurrent shareholders looking to participate will be given priority.
Critical in financing Intralot’s €2.7bn acquisition of Bally’s International Interactive, the move is set up as a dual offering with a public offer aimed at Greece-based qualified investors, as well as a private placement for eligible international investors.
Appointed as Joint Global Coordinators to manage the financial undertaking are Deutsche Bank, Goldman Sachs, and Jefferies. Greek financial institutions Alpha Bank and Piraeus Bank will take the role as co-managers, while UK-based Barclays will serve as a Senior Bookrunner.
The news comes shortly after Athens-listed Intralot secured a total of €660m in debt facilities for long-term financing, with € 460m of that being a six-year senior secured term loan and a €200m four-year amortising term loan from a consortium of Greek banks.
This was largely achieved thanks to strong H1 results and stable corporate accounts, with Intralot registering 1.7% YoY revenue growth to €168m for the six months ending June.
EBIT was up 8.5% to €25m, with free cash flow improving to €43.5m and adjusted net debt for H1 reduced by €52.7m to €303m.
Completing the acquisition of Bally’s international arm will create what Bally’s CEO, Robeson Reeves, had previously described as the “perfect combo of iGaming and lottery services”.
In an exclusive interview with SBC Media, Reeves added: “ “It’s an amazing transaction—for the good of Bally’s, the good of Intralot. It makes us very unique, bringing iLottery and iGaming together with tech, data and global reach that no one else has.”