Greece is “changing track” as an investment destination, according to PwC, and a testament to that are the increase in high-value business deals, the strong activity by foreign and Greek private equity, more and more acquisitions of share packages from the statutory minority threshold and above, and the gradual concentration in sectors to create “national champions.”
“Greece is now leaving the emerging market segment and entering a more strategic context,” Nicholas Peyiotis, territory senior partner of PwC Greece, said on Tuesday at the presentation of PwC’s study on mergers and acquisitions (M&As) in 2025.
Last year saw the highest M&As figures, both in terms of number of transactions and of value, since 2008, when PwC started conducting this study for Greece. In 2025, 181 acquisitions and mergers were carried out with a total value of €23.8 billion, compared to 123 deals in 2024 worth €12.5 billion, with an average transaction value last year of €130 million, against €101 million in 2024. Before the financial crisis, in 2008, only 41 acquisitions and mergers were carried out in Greece with a value of €8.7 billion.
What is perhaps more important is the features of the 2025 business deals: “Megadeals are starting to become normal. Every year there will be some large deals over €1 billion. In addition, the number of companies with higher valuations has increased,” said Giorgos Makripidis, head of the deal department and partner at PwC Greece, with the five largest transactions of 2025 having a total value of €14.08 billion, or 59% of the total value of transactions last year.
The largest transaction concerns the acquisition of OPAP by Allwyn for €9 billion, followed by the acquisition of Bally’s International Interactive by Intralot for €2.7 billion, both in the gaming sector. The third largest deal was the acquisition of Hellenic Bank in Cyprus by Eurobank for €880.4 million, while the top five are completed by the acquisition of 60% of Hellenic Healthcare Group by the Arab-owned PureHealth Holding, and the acquisition by Glenfarne Group of Metlen’s 588 MW photovoltaic portfolio.