Growth And Opportunities

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.