Biweekly M&A Debrief (14-28/09/2025)

By Nikos Tsolakis, Dimitris Chatziasimiadis, Thanasis Ntatsis and Zeynep Giousemoglou

This a biweekly version of our M&A Debrief to cover the deals we missed due to our key members starting their full-time positions and military service.

Revoil Acquires Maltezos

Revoil Petroleum Company S.A. has reached an agreement to acquire a 96.88% stake in Maltezos S.A. under a binding offer. The transaction is expected to close by 31 December 2025 with a “floor” consideration of c.2.9m and a “cap” of €3.3m, subject to standard closing adjustments related to working capital and net debt.

Based on FY24 financials:

EV/EBITDA: 2.52x – 2.92x

EV/Sales: 0.43x – 0.50x

Net Debt/EBITDA: 0.23x

The Target

Founded in the 1970s, Maltezos S.A. is a well-established Greek manufacturer and distributor of solar water heaters, collectors, and other renewable-energy solutions. Positioned in the renewable and energy-efficiency sector, the company has built a reputation for expertise in solar thermal technology and sustainable energy systems.

Revenue – 2024: €6.5m

EBITDA – 2024: €1.1m

Net Debt – 2024: €0.26m

The Buyer

Revoil Petroleum S.A. , a publicly listed company in Greece, is a leading downstream petroleum and fuel distribution group, engaged in trading and distribution of petroleum products nationwide. The company was established in 1982, initially focusing on the trade of petroleum products, with its first milestone being the creation of fuel storage facilities on the island of Chios.

Revenue – 2024: €869.2m

EBITDA – 2024: €13.2m

Net Income – 2024: €0.7m

CrediaBank S.A. Acquires 70.03% of HSBC Malta

Credia Bank S.A has signed a conditional agreement to acquire 70.03% of HSBC Malta for €200m (cash consideration). The target’s shares will remain listed on the Malta stock Exchange, with the existing dividend policy maintained. Under the disclosed terms, HSBC’s stake will be sold at €0.793 per share and buyer will make a mandatory takeover offer to the remaining minority shareholders at €1.44 per share.

P/TBV: 0.48x

The Target

HSBC Malta, a subsidiary of HSBC Continental Europe S.A, is the second largest bank in the country, serving over 200.000 clients and offering a comprehensive range of lending and insurance products, including mortgages and personal loans, loans to small and medium-sized Enterprises, while its wealth management division addresses the full spectrum of investment needs for its retail clients.

Total assets - Q2 2025: €7.9bn

Customer deposits - Q2 2025: €6.2bn

CET 1 ratio: 22.5%

NPE ratio: 2.5%

The Buyer

CrediaBank S.A, ex Attica Bank, is the fifth largest pillar of Greek banking, assuming its new form as a result of the merger with Pancreta Bank. The company provides a range of banking products and services, including retail and corporate banking, loans, deposit products and investment services to meet the needs of small and medium-sized businesses.

Total assets - 2024: €7.5bn

Customer deposits-2024: €6.1bn

CET 1 ratio: 11.9%

NPE ratio: 2.8%

Mega Brokers S.A. Acquires Kalipsi P.C

Mega Brokers S.A. has announced the acquisition of Kalipsi P.C, an insurance intermediary headquartered in Thessaloniki. The purchase was disclosed as part of Mega Brokers’ ongoing M&A program to accelerate its regional expansion across Greece.

The Target

Founded in 2015, Kalipsi P.C, is an established insurance intermediary with a significant presence in Northern Greece. The company operates through 53 offices/intermediaries and serves roughly 11,500 active clients across 17 prefectures.

Revenue – 2023: €0.2m

The Buyer

Mega Brokers S.A. is one of the leading providers of insurance and financial products in Greece, operating both as an insurance agent and as a coordinator of insurance intermediaries.

Revenue – 2024: €16.3m

EBIT – 2024: €2.4m

Net Income - 2024: €2.0m

OTE Sells Romanian subsidiary TKRM to Vodafone and Digi

OTE has signed agreements for the sale of its subsidiary, Telekom Romania Mobile Communications (TRKM), to Vodafone and Digi Romania. Under the transaction, Digi will take over the prepaid mobile business, certain spectrum rights and part of mobile base station portfolio, while Vodafone will acquire the remaining stake. The total consideration amounts to €70m and its subject to customary adjustments.

Based on 2024 financials:

EV/EBITDA: 1.91x

EV/Adj. EBITDA: 1.80x

EV/Sales: 0.27x

The Target

Telekom Romania Mobile Communications (TRKM) is a mobile telecommunications operator in Romania and a wholly owned subsidiary of OTE. The company provides mobile voice, data, and value-added services, serving both consumer and business clients.

Revenue – 2024: €263.3m

EBITDA – 2024: €36.7m

Adjusted EBITDA – 2024: €39.0m

The Buyers

Vodafone Romania S.A is a fully owned subsidiary of Vodafone Group Plc, with operations in Romania. The company was launched in 1997 as Connex, and it has been active on the local market since then while changing its name from Connex to Vodafone in 2006 and ranking among the largest worldwide subsidiaries of Vodafone regarding subscriber numbers today.

Digi Romania is a European leader in geographically focused telecommunication solutions, ranked by revenue-generating units, and a leading provider of telecom services in Romania and Spain, with additional presence in Italy and Hungary.

Premia Picks Up Canary Islands Hotel for €64m

Premia Properties acquired the Sunwing Arguineguin hotel in Gran Canaria for €64m this week. The property has 252 rooms and is located in Mogán, one of the island’s top tourist spots, expected to generate €4.64m in annual rental income for Premia. The acquisition was financed through credit facilities from National Bank of Greece.

The Buyer

Premia Properties is a listed Greek REIC (real estate investment company) focusing on income-producing assets. Its portfolio spans logistics, social infrastructure, big-box retail, and increasingly, hospitality.

The Seller

NLTG is a leading tour operator in the Nordics, serving over 1 million travelers annually. Its business covers tour operations, airlines, hotels, and travel agencies.

Ethniki Asfalistiki Acquires Majority Stake in Elysee Insurance

Ethniki Asfalistiki, Greece’s largest insurance company and once part of the CVC Capital Partners portfolio, has acquired a 55% stake in Elysee Insurance Agent & Coordinator S.A. and Elysee Insurance Brokers S.A. from the Syngelidis Group. The Syngelidis family is expected to retain a 45% stake although not disclosed and will continue to actively support the venture, leveraging its strong presence in the Greek automotive sector.

The Target

Elysee Insurance operates across all major insurance lines, providing agency and brokerage services. The companies are closely tied to the Syngelidis Group’s automotive activities, which include new and used car sales, after-sales support, and broader mobility services positioning Elysee as a natural distribution channel for motor insurance and related coverage.

The Buyer

Ethniki Asfalistiki is Greece’s leading insurer with a dominant market share, offering life, health, property, and motor insurance. Once backed by CVC Capital Partners, the insurance company is now owned by Piraeus Bank.

Insurance Revenue – 2024: €572.5m

Net Income – 2024: €15.2m

Delta Techniki Sells Subsidiary

Delta Techniki sold 100% of its subsidiary Delta Wind Parks W.Peloponnese, which operates a 12 MW wind park in Messinia, for an undisclosed consideration. By selling its Wind assets in the region Delta is looking to improve its liquidity position and cash flows.

Rumour: AB Vasilopoulos in Advanced Talks to Acquire Ptolemais Supermarkets

It is rumored that the retail giant is ready to acquire 5 out of Ptolemais 8 stores, 4 of which are situated in Ptolemaida and 1 in Amyntaio. It remains to be seen if the deal will become official leading to AB strengthening its presence in the area.