Growth And Opportunities – Government Contracts, Procurement & PPP

The country’s deal market is thriving and expected to
maintain momentum in 2026, but investors should remain mindful of
Greece’s FDI screening framework

Global M&A Outlook 2026 – Regional
perspectives

Activity

Similarly to global trends, post-pandemic recovery continues to
spark a notable upswing in M&A transactions in Greece, with a
reported 25% increase in deal volume in 2025 versus 2024, as well
as the highest aggregated deal value since 2012. This momentum,
fuelled by private equity, strategic foreign investment
(particularly from the US and the Gulf), and healthy domestic deal
flow, is expected to extend into 2026.

Sectors

Infrastructure-related M&A was very active in 2025, with
increased consolidation in building materials industries and
transport infrastructure M&A linked to large-scale projects,
e.g. the airport expansion in Heraklion.

Another key sector driving activity is energy, with a
considerable surge in deal flow in renewables, storage, and grids
– also highlighted by landmark transactions such as
Masdar’s acquisition of a 70% stake in Terna Energy.

A major 20-year LNG Sale & Purchase Agreement was finalised
on 7 November 2025 between US-based Venture Global and
Atlantic‑See LNG Trade S.A., a newly formed joint venture
between Greek state-owned DEPA Commercial and construction
conglomerate AKTOR, marking Greece’s first long-term US LNG
deal. This agreement is directly tied to an earlier investment of
Venture Global in the Alexandroupolis LNG import terminal in
September 2024, giving it rights to approximately 25% of the
terminal’s capacity.

Highlights in other notable sectors include:

• Financial services: In November 2025, Euronext
  successfully acquired over 74% of ATHEX, paving the way for full
  integration under the European exchange network. This transaction
  integrates ATHEX into Euronext’s trading platform and
  post-trade systems, thus offering broader liquidity and enhancing
  capital-raising potential for Greek issuers, especially in initial
  public offering processes. The consolidation is likely to reduce
  fragmentation and improve access to cross-border financing, and may
  affect public takeover bids and deal structures in domestic M&A
  transactions in Greece.
  
  In addition, CrediaBank was transformed in 2025 and has emerged as
  the newly formed “fifth pillar” in the Greek banking
  sector, created through the merger of Attica Bank and Pancreta Bank
  in September 2024, officially becoming Greece’s fifth-largest
  bank by assets. Following its 2025 transformation, CrediaBank has
  become an additional source of funding for Greek M&A
  activity.




• TMT: Intralot’s €2.7 billion
  acquisition of Bally’s International Interactive business
  boosted Greece’s digital lottery and gaming presence, while
  investments in data centres and fibre networks are expected to
  surge, with Microsoft and Data4 having announced investments, and a
  joint venture between Public Power Corporation (PPC) Group and
  Edgnex set to develop a data centre in Athens.




• Healthcare: The largest healthcare acquisition
  in 2025 was Abu Dhabi-based PureHealth’s acquisition of a 60%
  stake in Hellenic Healthcare Group for €800 million.




• Consumer: Supermarket chain Masoutis recently
  absorbed Kritikos (deal value not disclosed), and Hellenic Dairies
  (Olympus) acquired Dodoni for €205 million.

M&A growth is also supported by Greece’s banking sector
which has made a notable turnaround. Non-performing loans dropped
below 4% by mid-2025, and banks have resumed capital market
issuance, including senior, green, and covered bonds. This
financial revival enhances capacity for equity fund-backed M&A,
project financing, and support for private equity deals,
particularly in infrastructure, energy, and mid-market
consolidation.

Legal trends and developments

FDI screening mechanism: Several recent legal
trends have affected M&A activity in Greece and are expected to
have further impact in 2026. A central regulatory breakthrough in
2025 was Law 5202/2025, which established Greece’s first
comprehensive Foreign Direct Investment (FDI) screening mechanism.
Effective since 23 May 2025, this law requires prior notification
of foreign investments in sensitive sectors (e.g. energy,
transport, healthcare, digital infrastructure) by non-EU investors
or EU investors which are indirectly controlled by non-EU entities
or individuals.

These additional steps are poised to impact M&A
transactions, by introducing new pre-approval stages and
operational compliance duties, extending transaction timelines and
increasing costs for investors.

Simplification of financial services regulatory
requirements: Law 5193/2025 introduced several measures to
boost SMEs’ access to capital markets. Highlights of the
legislation include:

• raising the no-prospectus threshold from €5 million to
  €8 million per 12-month period;




• easing capital issuance and offering tax incentives such as
  reduced interest income taxation (down to 5%);




• waiving listing fees for SMEs;




• expanded benefits for angel investors; and




• facilitating multilateral trading facility listings and dual
  class share issuance for foreign issuers.

These reforms align with the EU Listing Act and are designed to
generate both valuation uplift and deal flow across SMEs.

ESG: Another notable development is the
transposition of the Corporate Sustainability Reporting Directive
(CSRD, EU Directive 2022/2464) into Greek law under Law 5164/2024.
Large public interest entities, SMEs, and listed companies are now
subject to comprehensive ESG disclosures, including climate risk
and sustainability KPIs, with mandatory third-party assurance. This
regulatory evolution is likely to influence deal dynamics by
introducing heightened ESG due diligence, particularly in
construction, energy, and financial services with potential
repercussions on shaping acquisition valuations and post-deal
integration planning.

Outlook for 2026

Greek M&A is set to maintain strong momentum through 2026,
driven by sector diversification, rising construction and energy
M&A activity, often via Public–Private Partnerships
(PPPs) and Joint Ventures (JVs), and the advantage of fresh bank
and alternative financing, as well as an integrated capital
exchange system improving funding pathways.

More specifically, JVs and PPPs have proven to be of particular
strategic interest, with energy & transport infrastructure
continuing to drive collaboration plans involving state and private
capital. PPP projects worth €630 million are up for signature
in 2026, spanning a wide array of infrastructure, such as student
halls, buildings, highways, environmental projects and
renovations.

From a legal perspective, counsels advising investors that
invest into Greece should be mindful of the recent legislative
developments in Greece, notably the recently introduced Greek FDI
screening mechanism, and should factor in the FDI review timelines
accordingly.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.