Weekly M&A Debrief (03-09/08/2026)

By George Moschovis and Theodoros Kouzigiannis

ENVIRONMENTAL SERVICES

AKTOR Acquires 75% of HELECTOR and THALIS from Motor Oil at €300m Enterprise Value

AKTOR signed a binding share purchase agreement with Motor Oil for 75% of MANETIAL, the 100% parent of HELECTOR and THALIS E.S., at an agreed enterprise value of €300m on a 100% basis. The consideration for the 75% stake will be determined at completion, after deduction of net debt and the further adjustments provided for in the SPA. AKTOR states the transaction strengthens its position in circular economy and environmental management and creates operating synergies with the group's other divisions.

Enterprise Value*: €300.0m

EV/EBITDA – 2025: 7.35x

* Consideration for the 75% stake is undisclosed and will be determined at completion, following deduction of net debt and the other adjustments provided for in the SPA

The Target

MANETIAL is the holding company owning 100% of HELECTOR and THALIS E.S., and a wholly owned subsidiary of Motor Oil, of which AKTOR acquires 75%.

HELECTOR operates in waste management, with emphasis on the operation and exploitation of waste treatment plants and on concession and PPP projects in Greece and abroad. THALIS E.S. designs and constructs waste management projects and environmental infrastructure.

EBITDA – 2025*: €40.8m

* Combined for the acquired companies, according to the Aktor announcement

The Buyer

Aktor is a Greece-based construction and infrastructure group listed on the Athens Stock Exchange, operating across construction, concessions, and renewable energy. It also holds facility management and environmental services activities, with operations in Greece and selected international markets.

Revenue – 2025: €1,400m

Adj. EBITDA – 2025: €207.0m

Net Income – 2025: €15.1m

Net Debt – 2025: €1,024.7m

Leverage – 2025: 4.95x  

TECHNOLOGY

Qualco Acquires 50.1% of Multiverse for Up to €2.25m

Qualco Group acquired a 50.1% majority stake in Multiverse, an advisory company specializing in financing and innovation. The transaction is structured via an upfront consideration of €0.9m, up to €1.35m in performance linked earn-outs, and a €0.15m share capital injection. The acquisition aims to broaden the buyer's portfolio of artificial intelligence solutions and establish direct access to European Union innovation funding programs.

Transaction Value*: €2.25m

Implied Equity Value*: €4.5m

Equity Value/EBITDA – 2024: 60.59x

Equity Value/Revenue – 2024: 21.58x

* Consideration and multiples include the maximum €1.35m earn-out

The Target

Multiverse is a technology advisory platform providing financing and innovation services across Europe. The company develops dedicated artificial intelligence tools for risk assessment and public-private partnership management across sectors including health, energy, transport, environment, and defense. 

Revenue – 2024: €0.2m

EBITDA – 2024: €0.1m

Net Income – 2024: €0.1m

The Buyer

Qualco is a Greek software and technology group listed on Euronext Athens, operating across three segments: Software and Technology, Platform as a Service, and Portfolio Management. It employs c.1,300 people with operations in over 30 countries and 29% of revenue generated internationally.

Revenue – 2025: €216m

Adjusted EBITDA – 2025: €43m

Net Income – 2025: €9.6m

Net Debt – 2025: €55m

Leverage – 2025: 1.28x

ENERGY

Meridiam Acquires 66% of Great Sea Interconnector

Meridiam acquired a 66% majority stake in Great Sea Interconnector, the special purpose vehicle developing the Greece–Cyprus electricity interconnection, from ADMIE, which retains 34%. The consideration was not disclosed. ADMIE remains a strategic shareholder with statutory minority rights, retains technical leadership during construction and will operate the interconnector once complete, while Meridiam's entry is intended to broaden the capital base and support the long-term bank financing which is now under assessment by the European Investment Bank.

The Target

Great Sea Interconnector is the special purpose vehicle established to develop the high-voltage direct current link between Greece and Cyprus, with provision from the outset for the entry of strategic investors. ADMIE assumed control of the project from EuroAsia Interconnector in October 2023.

The Buyer

Meridiam is a Paris-based infrastructure investor and asset manager founded in 2005. It develops, finances and operates public infrastructure on a long-term hold basis across Europe, North America, the Middle East and Africa, with more than 130 projects and c.€100bn of mobilised investment. Its investors include pension funds, insurers, sovereign wealth funds and development banks, with the European Investment Bank a shareholder since 2015. Its portfolio includes NeuConnect, the €2.8bn UK–Germany interconnector.

DEFENCE

EFA Group Invests in Fractal Networx

EFA Group made a strategic investment in Fractal Networx, a Cypriot defence technology company specialising in electronic warfare and counter-unmanned aerial systems. The buyer states the investment gives it access to Fractal's proprietary products already in operational use and broadens its presence in Cyprus.

The Target

Fractal Networx is a Cypriot dual-use defence technology company specialising in electronic warfare, command and control systems, and counter-unmanned aerial systems, alongside systems integration, training and lifecycle support. Its proprietary products include the ORION CX software platform and ALECTO EW.

The Buyer

EFA Group is a Greek defence, security and aerospace technology holding group with over 30 years of operation and more than 90% of revenues derived from exports. Its portfolio includes Acromove, Realiscape, Wayren and Scywave, a Greek joint venture with Shield AI, and a 90% stake in Superior Air acquired in April 2026, as it builds toward becoming an integrated defence-technology group.

Revenue – 2024: €30.1m

EBITDA – 2024: €5.7m

Net Income – 2024: €4.6m

Net Debt – 2024: €15.0m

Leverage – 2024: 2.63x

REAL ESTATE

Trade Estates Acquires 50% of Sofia South Ring Mall for €49.35m

Trade Estates, through its newly formed Cypriot subsidiary Trade Estates Cyprus SSRM, agreed to acquire the indirect 50% interest held by Fourlis in Sofia South Ring Mall EAD, owner and operator of the Sofia South Ring Mall in Bulgaria, for €49.35m. Fourlis states it will apply the proceeds to reducing net debt and funding its retail operations.

Transaction Value: €49.35m

The Target

Sofia South Ring Mall is a Bulgarian shopping center, built on a 64,500 sqm freehold site with gross built area of c.174,500 sqm and gross lettable area of c.69,000 sqm. Occupancy stands at 98% across more than 180 tenants. The remaining 50% is held by Seasonal Maritime Corporation, the founding partner in the investment.

The Buyer

Trade Estates is a Greek real estate investment company listed on Euronext Athens, investing in retail parks and logistics assets in Greece and South-East Europe. It already owns the adjacent IKEA property in Sofia.

Revenue – 2025: €51.9m

EBITDA – 2025: €49.0m

Adjusted EBITDA – 2025: €31.3m

Net Income – 2025: €39.9m