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.

“The transaction we announced today marks a doubly important day: On the one hand, for Intralot, which is growing with the acquisition of the online division of Bally’s International Interactive, creating a company with significant multiples in operating profits and unlimited space to expand into online gaming. On the other hand, for Greece and the Greek stock exchange, where a strong large-cap company is being created with the prospect of attracting significant foreign capital, helping to establish the country as a reliable investment destination.

It is also a special day for me personally to see the company I founded 33 years ago in Greece and which has become one of the top three companies in the lottery technology industry worldwide through its technology innovation and dynamism, acquiring new vision and prospects. Finally, I would like to thank Mr. Kim for his commitment to our partnership.”