Milbank Advises Intralot in Connection with Its €2.7B Acquisition of Bally’s International Interactive Business and the Related Financings

Milbank LLP represented Intralot S.A. (the “Company”) in connection with its successful acquisition of Bally’s International Interactive business, of Bally’s Corporation, for an enterprise value of €2.7 billion. The consideration for the acquisition comprised a combination of cash and newly issued Intralot stock.

Milbank also advised the Company on all aspects of the cash and stock consideration, including an offering of €600 million in aggregate principal amount of 6.750% senior secured notes, €300 million in aggregate principal amount of senior secured floating rate notes due 2031 by a subsidiary of the Company, a £400 million senior secured term loan agreement with institutional lenders, €200 million in financing commitments from a consortium of Greek banks, a combined equity offering, consisting of a public offering in Greece and a private placement outside Greece, in which newly issued shares of the Company were offered and generated cash proceeds of €429 million, and a €160 million super senior revolving credit facility provided by a number of international banks.

As a result of the transaction, Bally’s has become the largest shareholder of Intralot and Intralot is now among the largest companies by market capitalization listed on the Athens Stock Exchange.

The Milbank team was led by partners Apostolos Gkoutzinis, Iliana Ongun, Ana Grbec and Rebecca Marques; special counsel Melanie Probst and Andrew Lowndes; associates Drew MacDonald, Stefanos Serfas, Andre Seah, Daniel Woods, Dimitris Krokos, Natasha Cacela, Panos Tsezos, Christina Mouttet, Joshua Bourke, Sarah Griffin, Emilie Blicher, Tim Terhaar, Abigail King; and law clerk Despoina Mangel. Tax partners Alan Rafferty, Max Goodman and Andrew Walker and Tax associates Michelle Song and Liam Markham also assisted on the matter.

The team was also assisted by Global Leveraged Finance partner Spencer Pepper and Alvaro Aleman and Alternative Investments partner Catherine Leef Martin; Antitrust partners Andrea Hamilton and Fiona Schaeffer; Executive Compensation and Employee Benefits partner Mike Shah; Transportation and Space partner Bijan Ganji; Environmental partner Matthew Ahrens; Corporate Finance and Securities associate Lisa Koo, Russell Feinman and Maria C Schweinberger; Executive Compensation and Employee Benefits special counsel Dustin Stark and Jameson Frazier; Intellectual Property special counsel John Garces; and Transportation and Space associate Brian Murff.