Weekly M&A Debrief (25-31/08/2025)

By Nikos Tsolakis, Thanasis Ntatsis and Zeynep Giousemoglou

Returning after the summer break, this Weekly Debrief features ION's strategic investment in Ellinikon, Unicredit's stake increase in Alpha Bank, and the acquisition of the historical meat processing company Nikas S.A. by Ifantis.

Deal Between Lamda and ION Group for R&D Center in Ellikon 

The Deal: LAMDA Development has accepted a binding offer, valued at €450m, from ION Group for land within The Ellinikon Project to develop a €1.5bn Global R&D and Innovation Campus. Covering approximately 250k sqm across two neighborhoods, the project will include over 50k sqm of office and collaboration spaces, a 1,000-seat auditorium, and up to 200k sqm of residential units for around 2,000 professionals. As part of the transaction, ION Group will also acquire a 2% equity stake in LAMDA through treasury shares. The deal marks the launch of The Ellinikon Business District, positioning the development as a leading European hub for AI and digitalization.

The Target: Lamda Development is a prominent real estate developer in Greece. Through the redevelopment of the former Athens International Airport site, the company is transforming 6.2 million sqm of coastal land into a sustainable city that integrates housing, offices, retail, cultural venues, and green spaces. The Ellinikon project has attracted global attention and is positioned to serve as a new model of smart urban living in Europe.

Financials:

Revenue – 2024: €665m

EBITDA – 2024: €197.0m

The Buyer: ION provides mission-critical software, data, and services to leading financial institutions, central banks, governments, and global corporations to automate their critical workflows, enhance their decision-making, and manage liquidity and risks.

UniCredit Increases Stake in Alpha Bank 

The Deal: On August 28^th, UniCredit raised its stake in Greece’s AlphaBank to 26% acquiring an additional 5%. This move will impact its common equity tier 1 (CET1) capital ratio by c. 65 basis points. UniCredit has also sought regulatory approval to raise its stake in the bank to 29.99% to consolidate a third of Alpha Bank’s earnings into its financial results. The investment is expected to yield an ROI of circa 20% and generate net profits of approximately €244m in 2026. 

The Target: Alpha Bank is one of Greece’s largest financial institutions, providing a full range of retail, corporate, and investment banking services. Headquartered in Athens, it operates across Greece and Southeastern Europe with a strong presence in the domestic market.

The Buyer: UniCredit S.p.A. is a leading pan-European commercial bank with a strong presence in Italy, Germany, and Central and Eastern Europe, offering a full range of banking, financing, and investment services. Headquartered in Milan, it serves over 15 million clients across 13 countries.

Ifantis to Acquire Nikas 

The Deal: Ifantis has agreed to acquire Nikas for an estimated €40–50m, a move that will significantly strengthen its footprint in the processed meat sector and bring it closer to a leading market position. Despite past financial challenges, Nikas has shown early signs of recovery, supported by restructuring initiatives and property divestments.

The Target: Founded in 1966 in Agios Stefanos, Nikas S.A. is a well-established Greek meat processing company, renowned for producing high-quality, innovative products aligned with modern dietary needs. 

Financials:

Revenue – 2024: €74m

EBITDA – 2024: €0.5m 

The Buyer: Ifantis, is a Greek family-owned food company established in 1979, specializing in cold cuts, salads, dairy, and plant-based alternatives.