Deutsche Bank AG bought 1,130,000 Bally’s Intralot shares at an average price of €1.091944, a total of €1,233,896.84, the Athens-listed group said on 19 October 2026. The purchases lift the bank’s holding to 19,153,719 shares, or 1.025% of share capital, under a Total Return Equity Swap that Bally’s Intralot announced on 16 June.
The October purchases
According to the company’s announcement, the bank bought during the period from 12 to 16 October. Two trading days are itemised: 610,000 shares on 13 October at an average €1.094100 (€667,400.73) and 520,000 shares on 14 October at an average €1.089416 (€566,496.11).
The first batch the company reported, covering 17 to 23 June, was larger and dearer. Deutsche Bank bought 2,259,585 shares at an average €1.202891, for €2,718,034.23, and held 0.121% of the capital afterwards, according to the announcement of 24 June. The October average price is about 9% below that June average. Daily averages in the June batch ran from €1.190605 to €1.207042, against €1.089416 to €1.094100 on the two October days.
The bank’s holding is now about 8.5 times its 0.121% position of 23 June. The two holding figures imply that the bank added roughly 15.8m shares in the weeks between, in purchases the company has reported in separate notices since June. A 1.025% stake at 19,153,719 shares implies about 1.87bn Bally’s Intralot shares in issue.
Bally’s Intralot shares at settlement
In a total return equity swap, the bank holds the shares while its counterparty takes the economic exposure to them. Here the counterparty is the company itself. Bally’s Intralot says the agreement ends in physical settlement: on the settlement date, Deutsche Bank sells to the company every share it has bought under the swap.
Those shares then become own shares of Bally’s Intralot. The bank buys on the market while the swap runs, and the company takes the shares in only at termination.
Bally’s Intralot has not announced a maximum number of shares, a settlement date or a purpose for the swap. Under the terms it has described, the bank’s current 19,153,719 shares are the amount that would pass to the company if the swap ended at the holding reported on 19 October.
What it means for shareholders
Shares that end up as own shares of the company are no longer held by outside investors, which reduces the number held by the market. The scale so far is small: the bank’s stake is just over one share in every hundred, and the purchases reported on 19 October cost €1.23m. The 1,130,000 shares bought in the latest batch equal about 0.06% of share capital. Valued at that batch’s average price of €1.091944, the bank’s whole 19,153,719-share holding comes to about €20.9m.
The swap sits alongside other corporate moves. Bally’s Intralot agreed an all-share takeover of Evoke worth £243m on 5 June, and in April it reaffirmed its €422m EBITDA guidance. The company has not tied the swap to either. More coverage of the group is in the Bally’s Intralot archive.
Next steps
Bally’s Intralot has published a notice after each batch of Deutsche Bank purchases since June, so the next announcement will update the 1.025% figure. The company has not said when the swap will terminate. Termination triggers the sale of the bank’s shares to the company.
Source: Bally’s Intralot
