Weekly M&A Debrief (01-07/06/2026)

By Dimitris Machairas and George Moschovis

MEDIA, GAMING & ENTERTAINMENT

Bally's Intralot Agrees Terms to Acquire Evoke for £243.1m

Bally's Intralot agreed terms to acquire the entire share capital of evoke, a London-listed online betting and gaming operator. Under the offer, evoke shareholders will receive 0.537 new Bally's Intralot shares per evoke share, to be issued and admitted to Euronext Athens through a share capital increase, with a cash alternative of £0.52 per share capped at £117.1m in aggregate. The terms value evoke's issued and to-be-issued ordinary share capital at c. £243.1m, based on a Bally's Intralot share price of €1.12. The cash alternative is backed by a bridge facility of up to €200m from Deutsche Bank and Jefferies, while evoke's senior debt maturing in 2028 is to be refinanced through a five-year second-lien facility of up to £889m underwritten by TPG, Oaktree, and OHA. Completion is expected in Q4 2026 or Q1 2027.

Transaction Value: £2.2bn

Implied Enterprise Value: £2.2bn

Implied Equity Value: £243.1m

Implied EV/EBITDA: 6.3x (based on FY25 financials)

The Target

Evoke plc is a Gibraltar-headquartered online gambling operator that owns some of the UK's most recognisable betting and gaming brands, including William Hill, 888, Mr Green, and Jackpotjoy. The company serves approximately 700,000 active cash players across the UK, Spain, Italy, Romania, and other regulated European markets, offering sports betting, online casino, bingo, and instant-win products.

Revenue – 2025: £1.8bn

Adj. EBITDA – 2025: £356.2m

Leverage – 2025: 5.2x

The Buyer

Bally's Intralot is an Athens-based global betting, gaming, and lottery operator formed in October 2025 through the combination of Greek lottery giant Intralot and Bally's International Interactive business. The group operates across approximately 40 regulated jurisdictions worldwide, with a portfolio spanning proprietary lottery technology, online casino, and sports betting products.

Revenue – 2025: €1.1bn

Adj. EBITDA – 2025: €431.0m

FOOD & BEVERAGE

MHP Acquires 70% Stake in Nitsiakos

MHP, a Ukraine-based poultry and agri-food producer, signed an agreement to acquire a 70% stake in Nitsiakos, a Greek vertically integrated poultry and food producer. The transaction is structured in three successive phases over the coming years: the first phase is conditional on regulatory approvals and grants MHP the right to increase its holding to up to 100% at a later stage. The acquisition forms part of MHP's strategy to build a pan-European network of local poultry and animal-protein businesses, extending its presence into Southeastern Europe as Nitsiakos retains its production and management base in Epirus.

The Target

Nitsiakos is a poultry producer in Greece, headquartered in Ioannina. The company and its subsidiaries operate across poultry and meat production, animal feed, and pet food manufacturing.

Revenue – 2024: €527.4m

EBITDA – 2024: €44.2m

Net Income – 2024: €26.9m

Net Debt – 2024: €42.0m

Leverage – 2024: 0.95x

The Buyer

MHP is a Ukraine-based, London-listed agro-industrial group, with operations spanning Ukraine, Spain, and Southeastern Europe and exports to more than 80 countries. The group runs a vertically integrated model covering grain cultivation, feed production, poultry farming, food processing and distribution.

Revenue – 2025: $3.8bn

Adjusted EBITDA – 2025: $569m

Net Income – 2025: $187m

Net Debt – 2025: $1.5bn

Leverage – 2025: 2.69x

ENVIRONMENTAL SERVICES

Motor Oil Acquires 60% Stake in ENACT

Motor Oil, through its subsidiary Ireon Investments, signed an agreement to acquire a 60% stake in ENACT, a Greek waste management company. ENACT provides waste collection, transport, and treatment systems, alongside recycling and energy recovery services, to municipalities and businesses across Greece. The acquisition supports Motor Oil's strategy to expand its presence in the circular economy and diversify its activities through targeted acquisitions. Closing is subject to approval by the Hellenic Competition Commission.

The Target

ENACT is a Greek integrated waste management company, based in Ioannina, with nationwide coverage. It provides collection, transport, temporary storage, treatment, and recycling of municipal, industrial, and commercial waste.

Revenue – 2024: €30.0m

EBITDA – 2024: €9.3m

Net Income – 2024: €5.2m

Leverage – 2024: 0.15x

The Buyer

Motor Oil is a Greek energy group listed on the Athens Stock Exchange, centred on the Corinth refinery. The group is active across refining, fuels marketing, petrochemicals, power generation, and renewables, with positions in the circular economy and environmental services.

Revenue – 2025: €11.5bn

EBITDA – 2025: €1.1bn

Net Income – 2025: €650.8m

Net Debt – 2025: €1.6bn

Leverage – 2025: 1.49x

RENEWABLES

MORE Repositions Portfolio Toward Higher-Return Renewable Energy Segments

Motor Oil, through its renewable energy subsidiary MORE, agreed to sell a portfolio of renewable assets totalling c. 1.3GW of operational and under-development capacity to PPCR for €237m, structured in two separate agreements. The first covers a 107.1MW wind portfolio; the second entails PPCR's acquisition of a 51% stake in 12 SPVs from MORE's wholly-owned subsidiary UNAGI, representing c. 1,175MW of PV capacity under development. Prior to signing the second agreement, MORE acquired the remaining 25% of UNAGI's share capital that it did not already hold, consolidating full ownership. UNAGI retains majority ownership in a further three SPVs with 288MW of capacity under development.

The Assets

Kellas (Florina) – 43.2MW

Opountia (Fthiotida) – 3.5MW

Tsamadorachi (Fokida) – 22MW

Kato Lakomata (Fokida) – 19.2MW

Mikrovuno (Fokida) – 9.6MW

Psaromyta (Fokida) – 9.6MW

1,175MW of UD solar capacity (12 SPVs)

RUMOURS AND OTHER DEVELOPMENTS

1) Space Hellas Initiates Absorption Merger of SenseOne

Space Hellas, a Greek IT and digital solutions integrator listed on the Athens Stock Exchange, is proceeding with the absorption merger of its subsidiary SenseOne, an IoT and data intelligence platform provider. SenseOne's operations will be integrated into Space Hellas's Applications & R&D division through a new Applied Intelligence & IoT Solutions unit. The move consolidates the group's structure and integrates SenseOne's IoT and data capabilities into its existing technology portfolio.

2) IDEAL Holdings Continues Acquisition Hunt Ahead of Attica IPO

IDEAL Holdings confirmed that it remains actively evaluating acquisition opportunities, although management emphasized a disciplined approach and indicated there is no urgency to deploy capital until the right target is identified. The group currently holds approximately €100 million in cash and continues to explore opportunities within its existing sectors, while ruling out investments in areas such as real estate, photovoltaics, and services.

Separately, IDEAL expects to complete the IPO of Attica Department Stores between 24 and 26 June 2026, subject to regulatory approval of the prospectus. Management noted that the listing will be executed through the sale of existing shares rather than a capital increase and expects the transaction to further crystallize value from IDEAL’s investment in the retailer. Following the investor call, IDEAL’s share price closed approximately 1.7% higher, reflecting a positive market reaction to management’s update on both the acquisition pipeline and the upcoming Attica IPO.

3) Profile Eyes Acquisitions to Expand Defence Sector Presence

Profile Software indicated that it is actively evaluating acquisition opportunities as part of its strategy to strengthen its position in the rapidly growing defence technology market. Management noted that the group is assessing targets that could enhance its capabilities in defence-related software and digital solutions, while benefiting from rising defence spending across Europe. The comments come as Profile reported strong first-half growth and a backlog exceeding €140 million, providing a solid foundation to support further expansion through both organic growth and selective M&A.