Greece is heading into 2026 with expectations of another strong year for mergers and acquisitions, as both domestic and international capital continues to scan the market for new opportunities. While the country has not become an outright investment haven, it has clearly moved into a different phase. It is now defined by lower risk, improved predictability and sustained economic growth above the European average.
This shift has not gone unnoticed by investors. Despite notable price increases in recent years, Greek asset valuations remain relatively attractive, particularly for foreign buyers. For many, Greece now offers a more compelling risk-return profile than several mature European markets, even as structural weaknesses persist.
A Market That Keeps Gaining Momentum
According to data from PwC, Greece’s M&A market is on track to close 2025 with a new record, underscoring the sector’s strong momentum. A series of high-profile transactions over the past year reshaped entire industries and established a new status quo in key sectors of the economy.
Among the deals that stood out in 2025 were the acquisition of the Athens Exchange Group by Euronext; the strategic partnership between Intralot and Bally’s; the purchase of National Insurance by Piraeus Bank; Eurobank’s reacquisition of Eurolife; and Helleniq Energy’s acquisition of a 50% stake in Elpedison.
The year also saw major consolidation moves in food retail and agribusiness, including the integration of Dodoni into Hellenic Dairies (Olympus), Ideal Holdings’ acquisition of Barba Stathis, Vivartia’s purchase of a majority stake in the Jackaroo restaurant chain, and the absorption of the Kritikos supermarket chain by Masoutis.
The Sectors Investors Are Watching Closely
Food, energy, infrastructure, health care, logistics and real estate remain at the top of investors’ priority lists. These sectors benefit from stable demand, resilience during periods of economic volatility and the potential for strong returns.
Pharmaceuticals and cybersecurity are also gaining attention, with expectations of increased investment activity and heightened interest from both Greek and international players.
At the same time, fund managers point to the depth of opportunity in Greece’s mid-sized business segment. Companies with annual revenues of €30 million to €40 million are seen as particularly attractive targets, offering room for capital infusion, professionalization and value creation.
The Exit Challenge: A Persistent Weak Spot
For private equity funds, however, one critical issue remains the ability to exit investments efficiently. Market participants frequently point to the limited depth of the Greek market, which can make divestments slower and more complex.
In some cases, funds have found themselves effectively stuck. One prominent example is CVC, one of Europe’s largest investment funds, which appears, for now, unable to exit its investment in Delta, one of Greece’s largest dairy producers. Despite having successfully divested from other food-sector assets at a profit, Delta has yet to attract a buyer, and prospects in the near term remain uncertain.
A similar situation is reported in the case of the EZA brewery, where market sources say the investing fund has struggled to find an exit despite significant capital injections and the completion of the investment’s maturation period.
Tax Incentives as a Potential Catalyst
Consulting firms and market advisors broadly agree that 2026 could mark another milestone year for Greek M&A activity. The existing positive momentum, combined with sustained investor interest, sets a favorable backdrop.
Tax incentives and the removal of structural barriers are expected to play a decisive role. As one senior fund executive with exposure across multiple global markets puts it: no market is perfect. The key difference lies in predictability. While Greece still scores lower on that front, it also offers opportunities that are increasingly hard to find elsewhere in Europe.
For investors willing to navigate its complexities, Greece in 2026 may once again prove to be a market where calculated risk can deliver outsized rewards.