Weekly M&A Debrief (07-13/07/2025)

By Nikos Tsolakis, Thanasis Ntatsis and Zeynep Giousemoglou

Another week full of M&A activity in the Greek market with smaller deals taking the place of last week's behemoths. The most interesting transaction was the JV between two key Greek energy players, Get Terna and Motor Oil, who consolidated their assets in the electricity and natural gas sector.

JV between Gek Terna and Motor Oil

The Deal: A Joint Venture was announced between Motor Oil and Gek Terna regarding their natural gas operations. Specifically, Motor Oil committed 100% of its subsidiary, NRG, excluding its e-mobility and micro-mobility operations, 50% of Thermoilektriki Komotinis and €79m in cash. On the other hand, Gek Terna committed 100% of HERON, excluding its energy trading, aggregator and e-mobility operations, 50% of Thermoilektriki Komotinis and c.€128m in cash. The new company will be structured as a UtilityCo, in which each of the two shareholders will hold a 50% stake. 

The UtilityCo’s holdings will also include the HERON II unit, with a capacity of 441 MW, and 35% Korinthos Power, with a capacity of 437 MW. UtilityCo will serve 488,000 electricity customers (17% market share) and 61,000 natural gas customers (11% market share).

Unibios Holdings acquires Osmosun S.A.

The Deal: Unibios Holdings S.A. acquisition of a 65% stake in the listed French desalination systems manufacturer,Osmosun S.A,. has been approved by the target’s shareholders, while the consideration has yet to be disclosed. With both shareholder and regulatory approvals in place, Unibios is now set to complete the acquisition and take control of the majority stake.

The Target: Osmosun S.A. (ALWTR), founded in 2014 and listed on the Paris Stock Exchange, specializes in innovative desalination solutions powered by solar energy. Its patented technology produces drinking water from seawater and brackish water sources without relying on batteries. The systems operate using solar energy during the day and switch to the power grid when needed, allowing for round-the-clock clean water production. Osmosun currently operates in over 30 countries across 4 continents.

Revenue - 2024: €1.9m

EBITDA - 2024: (€5.3m)

Net Income - 2024: (€6.3m) 

The Buyer: Unibios Holdings S.A. is an ATHEX listed company focused on providing heating ventilation and air-conditioning services with an emphasis on energy and water conservation. With additional operations in HVAC, water purification, and construction equipment.

Revenue - 2024: €14.7m

EBITDA - 2024: €2.7m

Net Income - 2024: €2.2m 

Sanders Group Acquires Mint Property SA

The Deal: Danish hospitality company, Sanders Group, has acquired Mint Property SA, one of Greece’s largest short-term rental property management firms. The terms of the transaction have not been disclosed.

The Target: Mint Property SA is a pioneer in Greece’s short-term rental industry, managing a large portfolio of properties in key urban and island destinations. With this acquisition, Mint becomes an integral part of the Sanders family, bringing local expertise and operational infrastructure to support Sanders’ growth strategy in Southern Europe.

Revenue - 2023: €2.5m

EBIT - 2023: €0.01m

The Buyer: Founded by Bo Sander, the Copenhagen-based Sanders Group operates across multiple European countries and specializes in high-quality hospitality experiences. Bo Sander emphasized that Greece is a “strategically important destination” due to its tourism potential and cultural value.

Hellenic Farming to Sell its Fresh Produce Business and 'Lucia’s Farm' Brand to Libra Company

The Deal: Hellenic Farming S.A has announced the transfer of its fresh produce operations and its well-known brand “Lucia’s Farm” to Libra Company. The move forms part of a broader strategic partnership aimed at scaling and internationalizing the Lucia’s Farm-branded product line.

The Assets: The deal includes the entire portfolio of fresh fruits and vegetables sold under the Lucia’s Farm brand, as well as the transfer of Hellenic Farming’s personnel, to increase efficiency in production and commercial distribution. Libra Company will assume responsibility for commercial development, expansion, and brand management, previously handled by Hellenic Farming.

The Buyer: Libra Company I.K.E. is a newly formed venture resulting from a strategic alliance between Karatzis Group, Anker FARMING, and entrepreneur Georgios Veneris.

QNR Enters SAP Market with Dual Acquisition of Alexander Moore and AlphaCons

The Deal: Quality & Reliability S.A. (QNR) has signed two binding agreements to acquire majority stakes in SAP-focused technology companies. The first involves the purchase of 76.19% of Alexander Moore, for a total of €1.4m, subject to 2025 performance targets. The second secures 51% of AlphaCons Intelligent Technology Solutions S.A. through a mix of share capital increase of €0.15m, a direct cash payment of €0.5m to majority shareholders, and earn-outs up to €1m contingent on EBITDA targets for 2025–2027.

The Targets:

• Alexander Moore is one of Greece’s most established SAP Business One integrators, with a client base spanning shipping, tourism, insurance, and retail. The firm offers custom solutions in the AI, IoT, and predictive analytics domains, and operates across Europe, the Middle East, Africa, and the Americas.

• AlphaCons, founded in 2020, is a fast-growing SAP Partner specializing in SAP S/4HANA and cloud-based digital transformation. It provides enterprise solutions using platforms such as SAP Business Technology Platform (BTP), SAP Analytics Cloud, and SAP Datasphere.

  
  

The Buyer: QNR is a Greek digital solutions and technology company focused on high-value sectors. These acquisitions indicate the company’s drive to enter the SAP ERP ecosystem, giving QNR  advanced know-how, expert talent, and access to large-scale digital transformation projects in the private sector.

Revenue - 2024: €15.2m

EBITDA - 2024: €2.4m

Net Income - 2024: €0.3m 

Intersel Acquires Upstream

The Deal: Upstream, a leading Greek mobile marketing and digital solutions provider, has been acquired by Intersel, an international investment organization. The transaction marks a new chapter for Upstream, following the exit of private equity firm Actis, which had been its main investor for the past decade.

The Buyer: Intersel brings over 35 years of experience in scaling technology and telecom ventures across emerging markets. The firm manages multi-billion-dollar investment portfolios and leverages a global perspective through its leadership. Following the acquisition, Salim Khoury, Chairman of Intersel, will serve as Executive Chairman of Upstream.

The Target: Upstream is recognized for its advanced digital growth solutions, helping brands across the world increase revenue, customer engagement, and service uptake in challenging markets. With a strong R&D base and a multinational team, Upstream has built a strong reputation for mobile innovation in over 45 countries.