Greek gaming firm Intralot said on Tuesday it would acquire Bally’s International Interactive business in a cash-and-stock deal, valuing the unit at 2.7 billion euros ($3.18 billion).
The deal will expand Intralot’s presence in the UK online gaming market and strengthen its technology offerings by incorporating Bally’s digital and casino platforms.
The deal, expected to close in the fourth quarter, includes 1.53 billion euros in cash and 1.14 billion euros in newly issued Intralot shares to Bally’s shareholders.
Following the deal, Intralot’s founder Sokratis Kokkalis will retain a significant stake, and Bally’s will become the majority shareholder.
Shares of Bally’s rose nearly 20% to $11.49, following the announcement.
Source: Reuters.com