Weekly M&A Debrief (14/07-27/07/2025)

By Nikos Tsolakis and Zeynep Giousemoglou

We combined the last two weeks' worth of content into a single article to due to both time constraints and the lack of significant developments. The deal that stood out this week was Euroclinic's acquisition by Generali, indicating further consolidation in the healthcare sector as Generali seeks to become an integrated insurance and health provider in Greece.

Double Acquisition from Alter Ego Media 

The Deal: Alter Ego Media acquired 100% of the shares of digital media platforms Newsit and Tlife from TREVAGO and DORSETA for c. €28.5m. Newsit was purchased for €19.5m with payments in two installments, and Tlife was acquired for c. €9m. The founders and directors, Nikos Evangelatos and Tatiana Stefanidou, will remain in their positions for at least five years and will receive 400,000 shares of Alter Ego at a price of €5 per share. The financing was mainly through equity, and the deal strengthens Alter Ego’s position as the largest digital media group in Greece. 

The Targets: NewSit is one of the largest Greek digital news platforms, founded in 2010 by journalist Nikos Evangelatos. It provides continuous coverage of political, social, and international topics, along with strong lifestyle content. It targets a broad audience and ranks among the most popular news websites in Greece. 

Transaction Financial Information – Newsit:  

Implied EV: €19.5m 

Implied EV/EBITDA: 7.50x 

Implied EV/Sales: 3.82x 

Newsit Financials:

Revenue - 2024: €5.1m 

EBITDA - 2024: €2.6m 

Net Income - 2024:  €2.0m 

Tlife is a popular Greek lifestyle and entertainment website, founded by journalist Tatiana Stefanidou. It focuses on topics such as fashion, beauty, health, celebrity news, and everyday life, targeting mainly a female audience. 

The Buyer: Alter Ego Media is one of the largest media groups in Greece, active in print, television, radio, and digital platforms. It was founded in 2016, is listed on the ATHEX, and owns media outlets such as MEGA Channel, Ta Nea, To Vima, in.gr, and My Radio 104.6. Its goal is to evolve into a modern media-tech organization. 

Revenue - 2024: €124.4m 

EBITDA - 2024: €46.7m 

Net Income - 2024: €10.9m 

Paval Holding Acquires Praktiker Hellas 

The Deal: Paval Holding, owner of the DIY chain Dedeman, has acquired Praktiker Hellas from Canadian investment firm Fairfax. The deal is valued at an estimated c. €120–€130m, including store properties previously owned by Eurobank. Praktiker currently operates 16 stores across Greece and employs over 1,000 people. This marks the beginning of Dedeman’s expansion outside Romania as the group aims to strengthen its presence in the Greek market and further grow its retail network. 

Implied EV: €120-€130m 

The Target: Praktiker Hellas is a major DIY and home improvement retail chain in Greece, operating 16 stores nationwide and employing over 1,000 people. The company serves both individual and professional customers, offering a wide range of products for home, garden, and construction needs. It holds a strong position in the Greek market, with a well-established brand and a growing customer base. Over the years, it has invested in modernizing its stores and expanding its presence across the country. 

Revenue - 2023: €187.5m 

EBITDA - 2023: €2.2m  

The Buyer: Paval Holding is an investment group based in Bucharest, active in sectors such as retail, real estate, energy, and agriculture. It owns a real estate portfolio valued at over €900m and includes investments in office buildings and logistics centers. In 2022, it acquired the office portfolio of CA Immo in Romania, becoming the country’s second-largest office space owner. The group holds stakes in companies like ALRO, Electrica, and Transelectrica. 

OPAP Takes Full Ownership of Stoiximan 

The Deal: OPAP acquired the remaining 15.51% of Stoiximan for €191.6m, completing full ownership of the company. Stoiximan will continue to operate independently, supported technologically by Kaizen Gaming. This deal strengthens OPAP’s position in the Greek and Cypriot online betting market and is expected to close in the third quarter of 2025. 

Implied EV: €1.2bn 

The Target: Stoiximan is one of the leading online betting and iGaming companies in Greece and Cyprus. Founded by Kaizen Gaming, it offers a wide range of sports betting and casino games through a modern digital platform. Known for its innovative technology and excellent customer experience, it has quickly established a leading position in the rapidly growing market. 

Revenue - 2023: €461.7m 

EBIT - 2023: €106m 

Net Income - 2023: €70.2m 

The Buyer: OPAP is the largest betting and lottery company in Greece and a key player in the domestic gaming market. Founded in 1958, it offers retail and online betting services, including sports betting, lotteries, and casino products. 

Revenue - 2024: €2.3bn  

EBITDA - 2024: €831.9m 

Net income - 2024: €499.7m 

Generali Acquires Euroclinic 

The Deal: Generali Hellas has reached an agreement to acquire 100% of Euroclinic from Akkadia Holdings, strategically strengthening its presence in the private healthcare sector in Greece. This move is part of its “Lifetime Partner 27” business plan and aims to create an integrated ecosystem of services for its policyholders. The terms of the transaction have not been disclosed.

The Target: Euroclinic is one of the leading private healthcare providers in Greece. It operates 175 patient beds, 12 Intensive Care Unit (ICU) beds, and 11 surgery rooms. 

Revenue - 2024: €63.3m 

Adj. EBITDA - 2024: €8.2m 

Net Income - 2024: (€0.5m) 

The Buyer: Generali Hellas is the Greek subsidiary of the global insurance group Assicurazioni Generali S.p.A, located in Italy. It is one of the leading insurance companies in Greece, offering a wide range of products and services in areas such as life and health insurance, investment and pension products and general insurance.