Weekly M&A Debrief (30/06-06/07/2025)

By Nikos Tsolakis and Zeynep Giousemoglou

In our most extensive article yet we cover one of the most active weeks for the Greek M&A scene in a long time. Intralot's international expansion through a €2.7b deal is the week's landmark deal, with Euronext's bid for ATHEX not falling far behind. We also cover two deals in the renewables industry by Aktor and HelleniQ, the acquisition of Dodoni by Hellenic Diaries and the expansion of Real Consulting in the Balkans.

Euronext has its eyes on ATHEX

The Deal: Euronext, the biggest European stock exchange group, is currently in talks to possibly acquire up to 100% of ATHEX shares. The deal is valued at around €399m, with an offer price of €6.90 per share. This potential agreement is part of Euronext’s broader plan to bring Europe’s capital markets closer together. It could bring several benefits to the Greek market, such as increased market liquidity and lower listing costs for Greek companies. The market seems to discount a new bid from Euronext at a higher valuation, as the target’s stock price surpassed the offer price in a single trading session.

Transaction Value: € 399m (stock swap, 1 Euronext share for 21.029 ATHEX shares)

Implied EV/EBITDA: 16.8x

Implied EV/Revenue: 7.3x

The Target: The Athens Stock Exchange (ATHEX) is the official institution of the Greek capital market, providing platforms for the listing, trading, and clearing of financial instruments such as stocks, bonds, and derivatives. Today, approximately 155 companies are listed on ATHEX, using the market as a key mechanism for raising capital and

supporting their business growth.

Revenue - 2024: €54.3m

EBITDA - 2024: €23.7m

Net Income - 2024: €17.3m

The Buyer: Euronext is a unified European capital market that serves over 1,900 listed companies. It is listed on the Amsterdam Stock Exchange and it is headquartered in France. The group operates across seven European countries including Belgium, Ireland, Portugal, Italy, and Norway.

Revenue - 2024: €1,627m

EBITDA - 2024: €1,006m

Net Income - 2024: €585.6m

Intralot enters the global stage with Bally’s Interactive Acquisition

The Deal: Intralot is set to acquire 100% of Bally’s International Interactive Business, for a total consideration of €2.7b. The deal includes €1.53b in cash and €1.136b in newly issued Intralot shares. Bally’s will receive 873.7million shares at €1.30 per share, raising its stake to 33.34% and becoming the largest shareholder in the Greek company. Intralot will finance the transaction though a €1.6b loan (Goldman Sachs, Deutsche Bank, Jefferies and Citizens Bank), while it is expected to raise an additional €400m through a share capital increase.

Due to the deal’s size and complexity GreekMergers will cover its complexities thoroughly in a future article.

Transaction Value: €2.7b (€1.53b cash + €1.136b stock)

Implied Enterprise Value: €2.7b

Implied EV/EBITDAR: 8.0x

Implied EV/Revenue: 2.9x

Financial Advisors: Intralot (Deutsche Bank), Bally’s (Citizens JMP Securities, LLC, Goldman Sachs, and Jefferies)

Legal Advisors: Intralot (Milbank LLP, Papapolitis & Papapolitis), Bally’s (Fried, Frank, Harris, Shriver & Jacobson LLP, Nixon Peabody LLP, Kyriakides Georgopoulos Law Firm)

The Target: Bally’s Corporation is a global gaming company with a strong presence in both physical locations and online platforms. It is listed on the New York Stock Exchange and runs 19 casinos in different U.S. states, a golf course in New York, and a horse racing track in Colorado, offering full entertainment and betting services.

Key Financials for Bally’s International Interactive segment:

Revenue - 2024: $909.5m

Adjusted EBITDAR - 2024: €336.5m

The Buyer: Intralot is a Greek multinational technology company specializing in gaming and betting solutions. It was founded in 1992 by Sokratis Kokkalis and is listed on the Athens Stock Exchange. Today, the company operates in around 40 countries worldwide, including the U.S.A, Morocco, Australia, Argentina, and Bulgaria, offering innovative technological platforms and services in the field of gaming.

Revenue - 2024: €376.4m

EBITDA - 2024: €124.7m

Net Income - 2024: €4.9m

Dodoni acquired by Hellenic Dairies

The Deal:  Dodoni is officially passing into the hands of Hellenic Dairies, following the signing of an agreement for the acquisition of 100% of the company from Vivartia (CVC). The transaction is valued at approximately €200 million and includes Dodoni’s halloumi production facility in Cyprus. With this deal, the Sarantis Group further strengthens its position in the feta and dairy products market. The completion of the acquisition is subject to approval by the Hellenic Competition Commission.

Transaction Value: €200m

Implied Enterprise Value: €200m

Implied Equity Value: €110m

Implied EV/EBITDA: 25.3x

Implied EV/Revenue: 1.1x

The Target:  Dodoni is one of the most well-known and historic dairy companies in Greece, operating in key regions such as Epirus, Thessaly, and the Peloponnese. At the same time, the company has expanded into international markets, including the United States, the Netherlands, and Spain. It produces more than 25 different products, including feta cheese, yogurt, halloumi, and a variety of other cheeses, working closely with hundreds of Greek livestock farmers to ensure premium quality and authenticity.

Revenue - 2024: €180.2m

EBITDA - 2024: €7.9m

Net Income - 2024: (€5.8m)

The Buyer: Hellenic Dairies S.A. is a third-generation family business owned by the Sarantis family, headquartered in Trikala, Thessaly, and active in the dairy industry. The group has a strong presence in Greece through subsidiaries such as Olympus, Tyras, Rodopi, and Kliafas, and maintains an international footprint in over 10 countries, including Italy, Germany, Romania, and Cyprus. With operations in more than 50 global markets, it is one of the largest dairy groups in Eastern Europe today.

Revenue - 2023: €600.1m

EBITDA - 2023: €85.9m

Net Income - 2023: €27.3m

Aktor makes a new investment in renewable energy with the acquisition of Sun Force One

The Deal: Aktor, through its subsidiary Aktor Renewable, acquired a 51% stake in Sun Force One for €4.1 million from GreenLine S.A. Through this transaction, Aktor Renewables significantly strengthens its portfolio in the field of Renewable Energy Sources. Combined with the new projects already in the pipeline, the company now reaches 57 MW of installed

capacity, steadily moving toward its strategic goal of 200 MW in the coming years.

Transaction Value: €4.1m

The Target: Green Line Energy S.A. is a Greek company active in the production of green energy through solar power. It was founded in 2011 and operates in several regions across Greece. The company has completed hundreds of renewable energy projects and is considered one of the most experienced and dynamic players in the sector, playing a key role in the country’s clean energy transition.

Financials for Green Line S.A.:

Revenue - 2023: €60.1m

EBITDA - 2023: €14.3m

Net Income - 2023: €8.2

The Buyer: Aktor Group is one of the largest construction groups in Greece, active in infrastructure, energy, and environmental projects. It has a strong presence both in Greece and abroad, with a focus on sustainable development.

Financials for Aktor Renewables:

Revenue - 2024: €2.6m

EBITDA - 2024: €1.4m

Net Income - 2024: €16.9m

HELLENiQ ENERGY strengthens its presence in the RES sector with the acquisition of ABO Energy Hellas

The Deal: HELLENiQ ENERGY, through its subsidiary Hellenic Renewables, acquired ABO Energy Hellas A.E. along with six of its subsidiaries, taking over a portfolio of 22 renewable energy projects with a total capacity of 1.5 GW. The projects include solar, wind, and energy storage solutions. This deal significantly strengthens the company’s position in the Greek RES market, expanding its development pipeline to over 6 GW and bringing it closer to its target of 2 GW installed capacity by 2030. The financial terms of the transaction were not disclosed.

The Target: ABO Energy Hellas S.A. is a subsidiary of the German company ABO Energy and specializes in the development of renewable energy projects in Greece. It manages a portfolio of 22 projects with a total capacity of 1.5 GW, including solar, wind, and battery energy storage systems (BESS).

Revenue - 2023: €8.0m

EBIT - 2023: (€1.5m)

Net Income - 2023: (€1.4m)

The Buyer: HELLENiQ ENERGY is one of the largest energy groups in Greece, active in oil refining, fuel marketing, natural gas, and power generation. Through its subsidiary HELLENiQ Renewables, the company is actively investing in the renewable energy sector, aiming to reach 2 GW of installed capacity by 2030.

Financials for HelleniQ Renewables:

Revenue - 2024: €60.0m

EBITDA - 2024: €46.0m

Real Consulting acquires 95% of Smart UX Development

The Deal: Real Consulting acquired 95% of Romanian company Smart UX Development for €2.7m, with an initial payment of €1.7m and the remainder to be paid in instalments by January 2028. The agreement also includes a put and call option for the remaining 5% stake, allowing Real Consulting to eventually acquire 100% ownership. Through this acquisition, the company strengthens its presence in the energy sector, adds specialized expertise in SAP solutions, and expands its footprint in the Romanian market.

Transaction Value: €2.7m

Financial Advisors: Real Consulting (KPC Finance)

The Target: Smart UX is a Romanian consulting firm headquartered in Bucharest, specializing in advanced SAP solutions for energy and utility companies. It offers end-to-end services, from strategic planning and implementation to technical support and user experience optimization. The company has strong expertise in SAP S/4HANA Utilities and provides 24/7 support across European time zones.

The Buyer: Real Consulting is a Greek company specializing in digital transformation solutions, with a strong focus on SAP systems, enterprise software that helps businesses manage operations like finance, logistics, supply chain, and customer relationships. The company serves clients across sectors such as energy, industry, and retail, both in Greece and internationally.

Revenue - 2023: €30.3m

EBITDA - 2023: €5.0m

Net Income - 2023: €2.9m