The international gambling giant has taken on a debt facility worth £261.7m as the vote on the Evoke takeover proposal approaches.
Greece.- Bally’s Intralot has reported that it has taken on a loan with institutional lenders to support its acquisition activity. The move comes ahead of a vote on the company’s proposed takeover of the troubled London-listed gambling operator Evoke Plc
The company has disd to the Euronext Athens stock exchange that it has agreed a senior secured sterling term debt facility worth £261.7m. It reported that the funds will be directed towards “general corporate and working capital purposes,” including acquisitions and the refinancing of existing debts.
As of March 31, Bally’s Intralot reported debt of €1.75bn and adjusted net debt of €1.49bn. Much of this stems from last year’s deal through which the Greek lottery technology firm Intralot merged with the US-based casino operator Bally’s Corporation’s digital arm Bally’s International Interactive.
To finance that deal, Intralot took on a £400m six-year term loan from institutional lenders and a £200m four-year amortising loan from Greek banks. Bally’s Corporation remains the majority shareholder in the merged company, with a 58 per cent stake, while CEO Robeson Reeves is set to assume leadership of Bally’s Intralot in November 2025.
Debt could be a concern amid the bid for Evoke, the former 888 Holdings and owner of 888 and William Hill’s European assets. Bally’s Intralot made an offer of 52p per Evoke share on June 5, valuing the operator at £243.1m.
However, Evoke has net debt of a little under £1.9bn, much stemming from its purchase of William Hill assets from US casino operator Caesars’ in 2022.
Bally’s Intralot has also arranged a £900m private credit line, backed by TPG Credit, Oaktree Capital Management and Oak Hill Advisors. This is earmarked to support integration of Evoke’s assets, with £180–200m in synergies identified. The board of Evoke is scheduled to vote on the takeover proposal on August 18.
Este conteúdo foi curado e adaptado a partir da publicação original de Focus Gaming News.