July 1, 2025

Milbank Advises Intralot on €2.7B Acquisition of Bally’s International Interactive Business

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Intralot S.A. (ATSE: INLOT) and Bally’s Corporation (NYSE: BALY) today announced that their respective Boards of Directors approved their entry into a definitive transaction agreement pursuant to which Intralot will acquire Bally’s International Interactive business in a cash-and-shares transaction that values the International Interactive business at an enterprise value of €2.7 billion.

The consideration for the acquisition of the International Interactive business will comprise a combination of cash paid by Intralot and newly issued shares delivered by Intralot to Bally’s. Bally’s, currently Intralot’s largest shareholder, is expected to become the majority shareholder of Intralot as a result of the transaction with a significant equity stake in Intralot.

Following the completion of the transaction, Intralot is expected to be among the largest companies by market capitalization listed on the Athens Stock Exchange.

Milbank LLP is serving as legal counsel to Intralot, with a deal team led by Corporate Finance and Securities partners Apostolos Gkoutzinis, Ana Grbec and Rebecca Marques, Global Corporate/M&A partner Iliana Ongun with Tax partners Alan Rafferty, Max Goodman and Andrew Walker; Antitrust partners Andrea Hamilton and Fiona Schaeffer; Executive Compensation and Employee Benefits partner Mike Shah; Transportation and Space partner Bijan Ganji; and Environmental partner Matthew Ahrens.

The team also included Corporate Finance and Securities associate Dimitris Krokos; Global Corporate/M&A associates Sarah Griffin, Lisa Koo, Emilie Blicher, Tim Terhaar and Abigail King in New York and Daniel Woods and Drew MacDonald in London; Corporate Finance and Securities special counsel Melanie Probst and associates Stefanos Serfas, Russell Feinman and Maria C. Schweinberger; Tax associates Freddy Pilkington and Michelle Song and law clerk Chris Gatzke; Antitrust special counsel Alexis Brown-Reilly and associate Mariella Montplaisir Bazan; 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.