Weekly M&A Debrief (08-14/06/2026)

By Dimitris Machairas and George Moschovis

TELECOMMUNICATIONS

PPC and Vodafone to Form 50-50 fiber-to-the-home Joint Venture

PPC and Vodafone Greece signed a non-binding term sheet to form a 50-50 joint venture in wholesale fiber-to-the-home (FTTH) infrastructure, combining their respective subsidiaries PPC FiberGrid and Fiber2All. The new entity will operate as a neutral wholesale provider, offering open access on equal terms to all telecommunications operators, with the contributed networks reaching a combined c.2.4m homes and businesses. The transaction remains subject to due diligence, the signing of binding agreements and the requisite regulatory approvals.

The Participants

PPC contributes PPC FiberGrid, its wholly owned FTTH wholesale subsidiary, whose network has reached 1.88m homes passed, of which over 1.1m homes are ready for service. PPC is a Greek energy group with activities in electricity generation, distribution and sale of energy products and services in Greece, Romania and North Macedonia.

Revenue – 2025: €9,700.0m

EBITDA – 2025: €2,030.9m

Net Income – 2025: €359.5m

Net Debt – 2025: €6,500.0m

Leverage – 2025: 3.25x

Vodafone Greece contributes Fiber2All, its wholly owned FTTH subsidiary, whose network covers more than 550,000 homes and businesses. Vodafone Greece is the Greek subsidiary of UK-listed Vodafone Group, providing mobile, fixed, broadband and business connectivity services.

TECHNOLOGY

Corallia Ventures Invests €0.3m in SolidKosmos

Corallia Ventures invested €0.3m in SolidKosmos, the first spin-off of the University of Piraeus Research Centre, active in critical-systems reliability technologies. The proceeds will fund the commercialisation of SK-RAFT, an Electronic Design Automation (EDA) software tool. The investment is intended to accelerate the technology's transition from a mature research project into a globally marketable product.

Transaction Value: €0.3m

The Target

SolidKosmos is a Greek deep-tech spin-off of the University of Piraeus Research Centre. Its SK-RAFT tool addresses reliability verification for critical computing systems across the space, defence, data-centre and artificial-intelligence sectors.

The Buyer

Corallia Ventures is a Greek venture capital fund focused on early-stage deep-tech investments, supported by the Hellenic Development Bank of Investments. Its portfolio includes Greek technology spin-offs and start-ups such as Neptune Zero, Tacit, Althexis and PhosPrint.

RUMOURS AND OTHER DEVELOPMENTS

1) Competition Commission Approves OB Streem's Acquisition of Med Frigo

The Hellenic Competition Commission, by its decision of 9 June 2026, permitted OB Streem's acquisition of Med Frigo, a Patras-based temperature-controlled transport and logistics group, by OB Streem, the Greek supply-chain platform of US investment group H.I.G. Capital. The transaction was announced in November 2025 by a consortium led by EOS Capital Partners as the seller, with the Commission finding that the horizontal overlaps in freight forwarding and controlled-temperature transport raised no serious competition concern.

2) Yalco Undertakes €34.3m Debt Write-Off and Capital Restructuring

Yalco, the listed supplier and distributor of household goods and professional HORECA equipment, is executing a balance-sheet restructuring, comprising a €34.3m debt write-off and a three-part capital increase of up to €15m, capitalization of liabilities owed to majority shareholder Sokratis Konstantinou, a contribution in kind and a cash raise of up to €5m. The measures are expected to turn the group's negative equity of €46.8m positive. Tethys, the vehicle of N. Th. Vardinogiannis, is set to enter the listed parent's shareholder structure.

3) ADMIE Capital Increase Attracts Strong Demand as Stock Rallies

ADMIE Holdings (ADMIE) is set to launch the book-building process for its €250 million market tranche capital increase, with market sources indicating strong interest from both domestic and international institutional investors. Demand is expected to exceed the amount offered, supporting expectations for a limited discount to the current share price and reinforcing confidence in ADMIE’s €1 billion funding plan for its 2026–2029 investment programme.

Ahead of the capital increase and the company’s upcoming inclusion in the STOXX Europe 600 Construction & Materials Index (SCI), ADMIE’s share price staged a strong rally during the week, reaching new 52-week highs as investors reacted positively to the anticipated fundraising and the group’s long-term growth prospects. The positive momentum reflects market confidence in ADMIE’s extensive grid investment pipeline and the successful execution of its strategic expansion plans.

4) Prodea Seeks Strategic Investors for New Logistics Platform

Prodea Investments is set to bring strategic partners into its newly established logistics platform, with discussions underway for the sale of a 49% stake to a group of Greek and international institutional investors. Prodea is expected to retain a 51% stake and management control, while the new vehicle will initially include logistics assets valued at approximately €140.5 million, alongside future developments in Aspropyrgos and Markopoulo.

The transaction forms part of Prodea's broader strategy to increase its exposure to logistics and hospitality assets, with management targeting a doubling of the logistics portfolio's value to €300 million over the coming years. The investment is expected to support the company's ongoing €400 million development programme and accelerate growth in one of the strongest-performing segments of the Greek real estate market.

5) Trastor Deploys Capital Increase Proceeds Through €38.6m Athens Real Estate Investment

Trastor announced the acquisition of three commercial properties in central Athens for a total consideration of €38.6 million, marking the first major deployment of funds raised through its recent share capital increase. The assets, located on Karagiorgi Servias, Athinas and Lykourgou streets, strengthen the REIC’s exposure to prime office and mixed-use properties in the Athens business district.

The transaction aligns with Trastor’s strategy of expanding its portfolio through value-add investments in high-demand urban locations. Management intends to upgrade and modernize the properties, while the acquisition demonstrates the company’s commitment to rapidly executing the investment programme presented to shareholders during the recent capital raise.

6) Lamda Development Nears Completion of Ellinikon Stake Sale

Lamda Development (LAMDA) expects to finalize by the end of July its agreement with the Italian technology group ION, which will develop a Research & Innovation Center within the Ellinikon project. The transaction is expected to generate approximately €450 million in proceeds for Lamda, while the total investment associated with the project is estimated to exceed €1.5 billion over time. As part of the agreement, ION will also acquire shares representing a 2% stake in Lamda Development. The deal is considered a key milestone for the next phase of the Ellinikon development and reflects continued strong investor interest in the project.