By Leta Kalamara

2025 was recorded as a milestone year for the mergers and acquisitions (M&A) market in Greece, with the total value of transactions soaring to 23.8 billion euros compared to 12.5 billion a year earlier.

This translates into a 90% increase in transactions compared to 2024, exceeding the 20-billion-euro threshold for the first time since 2008.

Megadeals were a decisive driver, accounting for a disproportionately large part of the value. The transaction of Allwyn with OPAP amounting to 9 billion euros and that of Intralot with Bally’s totaling 2.7 billion euros are among the largest ever carried out in the Greek market, while the acquisition of Hellenic Bank also had a significant impact, as well as three major agreements in the renewable energy sector, with the participation of Metlen, Asterion Industrial Partners and Masdar Hellas, which acquired the remaining 30% of Terna Energy.

The above data are recorded in a study by PwC Greece, which was named the leading financial advisor for M&A in Greece for the fourth consecutive year.

According to data from the same study, 2026 starts with equally strong momentum, as transactions worth over 7 billion euros are already underway or at an advanced stage. In the banking and insurance sector, significant moves are expected, such as the acquisition of 70.03% of HSBC Malta by CrediaBank, the acquisition of 80% of Eurolife by Eurobank for 813 million euros, as well as the further strengthening of UniCredit’s presence in Alpha Bank. At the same time, Alpha Bank is proceeding with the acquisition of Altius Insurance, while Fairfax is expanding its participation in ERB Insurance.

In the technology sector, the trend of many small transactions continues, with acquisitions of software, fintech and cybersecurity companies, such as the acquisition of Algosystems by Profile Software and Alphabit Cybersecurity by SOFTWeb.

According to Thanasis Panopoulos, Partner, Deals & Strategy Leader of PwC Greece, “the increased transaction volume and significant high-value agreements in 2025 confirm the strong investment interest in Greek businesses,” while George Makripidis, Partner, Head of Deals, commented: “The extroversion trend of Greek companies has begun to resemble pre-crisis levels, while the data confirms the growing attractiveness of the Greek market for international and domestic investors in various sectors.”