M&A Debrief (11-17/05/2026)

By Dimitris Machairas and George Moschovis

E-COMMERCE

Blackstone Acquires Majority Stake in Skroutz from CVC for approximately €500m

Blackstone has entered into a definitive agreement to acquire a majority stake of more than 75% in Skroutz from CVC Capital Partners Fund VII, in a transaction that values the company at c. €635 million. The founders will retain a minority stake in the business and continue to run it, with George Chatzigeorgiou remaining CEO. The acquisition is intended to accelerate Skroutz's regional expansion across Southeast Europe, and closing is subject to regulatory approvals and is expected in the second half of 2026.

Transaction Value: €500.0m

Implied Enterprise Value: €635.0m

The Target

Skroutz is a Greek online marketplace founded in 2005 and headquartered in Athens. Initially launched as a price-comparison platform, the company has expanded its operations to include logistics, warehousing, order processing, fintech, and retail media services. Skroutz serves approximately 2.5 million active users and operates in Cyprus, Romania, and Bulgaria.

Revenue – 2024: €131.1m

EBITDA – 2024: €15.0m

Net Income – 2024: €5.1m

Net Debt – 2024: (€6.5m)

The Buyer

Blackstone is an alternative asset manager with approximately $1.3 trillion in assets under management across private equity, real estate, credit, and infrastructure strategies. The firm owns approximately 12,500 real estate assets and has more than 250 portfolio companies.

FINANCIAL SERVICES

CrediaBank Acquires 70% Stake in Pantelakis Securities for €8.8m

CrediaBank has signed an agreement to acquire a 70% stake in Pantelakis Securities for €8.8 million. The transaction also includes call and put options for the acquisition of the remaining 30% three years after closing. The acquisition supports CrediaBank’s strategy to expand its capital markets capabilities and diversify its income streams, with Pantelakis Securities continuing to operate under its existing management team. The deal also excludes Pantelakis Securities’ 50% stake in AssetWise. Closing is expected in the third quarter of 2026, subject to regulatory approvals.

Transaction Value: €8.8m

Implied Enterprise Value: €12.5m

The Target

Pantelakis Securities is an investment services firm, founded in 1920. The company provides a broad range of brokerage and advisory services to retail and institutional clients, offering access to the Athens Stock Exchange as well as major international equity and derivatives markets.

Revenue – 2025: €6.1m

EBITDA – 2025: (€0.1m)

Net Income – 2025: €1.2m

Net Debt – 2025: €2.3m

The Buyer

CrediaBank is a Greek bank listed on Euronext Athens, formed from the merger of Attica Bank and Pancreta Bank. It provides retail and corporate banking, lending, and investment services across Greece, with a network of 65 branches and 1,202 employees.

Net Interest Income – 2025: €168.3m

Operating Income – 2025: €279.2m

Net Profit – 2025: €15.2m 

CET1 – 2025: 11.0%

CONSUMER DISCRETIONARY

Alter Ego Media Acquires 10% Stake in Alterlife for €4.8m

Alter Ego Media agreed to acquire a 10% stake in Fitquest Consulting, the sole shareholder of the Alterlife gym network, for a total consideration of €4.75 million, implying a valuation of approximately €47.5 million. The investment will be completed through a combination of secondary share purchases and participation in a capital increase and will be financed through a mix of bank debt and proceeds from Alter Ego Media’s recent stock market listing. The transaction marks Alter Ego Media’s entry into the fitness and wellness sector and supports its strategy to diversify into high-growth consumer segments with potential commercial synergies.

Transaction Value: €4.8m

Implied Enterprise Value: €47.5m

The Target

Alterlife is a leading Greece-based fitness and wellness chain operating a nationwide network of gyms. Founded in 1991, the company offers a broad range of services including fitness training, personal coaching, group exercise programs, and wellness solutions to individual members. Through a combination of company-owned and franchised clubs, Alterlife has established a strong presence across Greece and is one of the largest organized players in the domestic fitness market.

Revenue – 2024: €9.1m

EBITDA – 2024: €3.4m

Net Income – 2024: €2.5m

Net Debt – 2024: (€0.9m)

The Buyer

Alter Ego Media is a Greece-based media and entertainment group listed on the Athens Stock Exchange since 2025. Founded in 2016, the company owns leading television, print, radio, and digital media assets, including MEGA Channel and To Vima. The group is also active in content production, live entertainment, and corporate venture capital.

Revenue – 2025: €140.1m

EBITDA – 2025: €24.5m

Net Income – 2025: €19.7m

Net Debt – 2025: (€30.7m)

TMT

Dai Nippon Printing to Acquire 74.58% of Austriacard Holdings at €10.00 per Share

Dai Nippon Printing has agreed to acquire the 74.58% stake in Austriacard Holdings held by Nikolaos Lykos through a voluntary public takeover offer at €10.00 per share. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and completion of the tender process. The transaction will transfer control of Austriacard to Dai Nippon Printing and establish a strategic partnership in digital transformation and secure technology solutions.

The Target

Austriacard Holdings is an international technology company specializing in payment solutions, secure identity systems, and digital transformation services. Headquartered in Vienna, the group serves banks, governments, and enterprises across Europe, the Middle East, and Africa and is listed on the Athens and Vienna stock exchanges.

Revenue – 2025: €360.2m

EBITDA – 2025: €48.8m

Net Income – 2025: €16.2m

Net Debt – 2025: €81.6m

Leverage – 2025: 1.67x

The Buyer

Dai Nippon Printing is a Japan-based diversified technology and manufacturing group headquartered in Tokyo. Founded in 1876 and listed on the Tokyo Stock Exchange, the company operates across information communication, smart cards, electronics, packaging, and advanced materials. DNP develops secure identity and payment solutions and serves customers globally through a broad international manufacturing and technology network.

RUMOURS AND OTHER DEVELOPMENTS

1) Noval Property to Invest €100m in Income-Producing Real Estate

Noval Property, affiliated with the Viohalco group, announced plans to invest approximately €100 million over time in the acquisition of new income-producing properties, primarily in the office and commercial real estate segments. The initiative is intended to further strengthen the company's rental income base. Management also indicated that it may consider acquiring Brook Lane's 50% stake in The Grid, a 61,250 sqm office complex, upon its completion, subject to pricing.

2) THEON Invests $3m in Twin Prime and Forms AI Joint Venture for Defence Applications

THEON International announced a $3 million investment in Twin Prime, a U.S.-based AI laboratory developing specialized models for defense and security applications, acquiring a single-digit minority equity stake as part of a $10 million pre-seed funding round. Concurrently, the two companies agreed to establish a joint venture in Greece to be owned 60% by THEON and 40% by Twin Prime, to develop AI solutions based on Twin Prime's proprietary platform as part of the THEON Next initiative.

3) Softweb Signals Further Acquisitions to Expand Its Technology Ecosystem

Softweb has indicated that it is actively evaluating additional acquisitions as part of its strategy to consolidate Greece’s fragmented IT services market. Following the acquisitions of Vitamin Media and Alphabit in 2025, management stated that the group is prepared to pursue further deals to strengthen its presence across business software, digital marketing, cybersecurity, and artificial intelligence. The company ended 2025 with positive net cash and expects revenue to increase to approximately €4.3 million in 2026 from €3.16 million in 2025, providing financial flexibility to support additional M&A activity.

4) Cooke Aquaculture Nears Completion of Avramar Acquisition

Cooke Aquaculture Inc. is expected to complete its acquisition of Avramar within the coming days, according to comments by Joel Richardson, Vice President of Public Relations at Cooke. The transaction follows a preliminary agreement announced in March 2026 under which Cooke agreed to acquire Avramar’s debt facilities from its lending banks for approximately €200 million. Upon completion, Cooke will assume operational control of Greece’s largest sea bass and sea bream producer and plans to make additional investments to strengthen the business and expand its international presence.