Weekly M&A Debrief (14/09/2026-20/09/2026)

By George Moschovis and Theodoros Kouzigiannis

HOSPITALITY

Highgate and Eternam Acquire 100% Stake in Athens Zafolia Hotel

Highgate and Eternam acquired a 100% stake in Attikos Ouranos, the owning and operating company of the Athens Zafolia Hotel. The transaction was completed through a special corporate vehicle established by the buyers. Following the acquisition, Highgate will assume the management of the hotel under a long-term agreement.

The Target

Attikos Ouranos owns and operates the Athens Zafolia Hotel, a hospitality asset located in central Athens. The hotel operates with 191 rooms, a rooftop swimming pool, and a restaurant.

Revenue – 2025: €5.2m

EBITDA – 2025: €1.3m

Net Income – 2025: €0.7m

Net Debt – 2025: (€0.8m)

The Buyers

Highgate is an international hospitality investment and management firm. Eternam is a France-based asset management company.

REAL ESTATE

Invel and LGT Capital Partners Acquire 49% of LOGEON from Prodea for €30.5m

Invel Investments Cyprus and LGT Capital Partners agreed to acquire a combined 49% stake in LOGEON VC RAIF, the Cyprus-domiciled vehicle holding Prodea Investments' portfolio of Greek logistics real estate, for net proceeds to Prodea of €30.5m. Invel Investments Cyprus is acquiring 30.35% and LGT Capital Partners 18.65%, with the transaction valuing the underlying portfolio at €151.9m on a 100%, debt-free basis. The Share Purchase Agreement was approved by Prodea's board on 16 September 2026 alongside a simultaneous Shareholders' Agreement. Prodea retains the remaining 51% stake and will continue to manage and develop the portfolio.

Implied Enterprise Value: €151.9m

Transaction Value: €30.5m

The Target

LOGEON VC RAIF is a Cyprus-domiciled vehicle holding, through its wholly owned Greek subsidiary, Prodea Investments' portfolio of logistics real estate assets in Greece, spanning the acquisition, development, leasing and management of logistics properties.

The Buyers

Invel Investments Cyprus is a subsidiary of Invel Eudora Fund II. LGT Capital Partners is an independent third-party investment manager.

MEDIA

Wide Media Group Acquires Kiss FM, Rebel FM and the Lyra FM Frequency

Wide Media Group completed the acquisition of radio stations Kiss FM (92.9) and Rebel FM (105.2), along with the Lyra FM frequency, on 16 September 2026. The stations join Wide Media's existing media assets, spanning television, digital and now radio. The Lyra FM frequency will be relaunched as a dedicated sports-news station, drawing on the buyer's existing editorial resources.

The Target

Kiss FM (92.9) and Rebel FM (105.2) are Athens-based commercial radio stations. The Lyra FM frequency is to be relaunched as a new sports-focused radio station.

The Buyer

Wide Media Group is a Greek media group operating the television station ACTION 24, and the digital properties Athletiko.gr and Flash.gr.

RUMOURS AND OTHER DEVELOPMENTS

1) Nomad Yachting Signs Preliminary Agreement to Acquire 100% of Vernicos Yachts

Nomad Yachting signed a preliminary agreement to acquire a 100% stake in Vernicos Yachts, a Greece-based yacht chartering and sales company. The potential acquisition aims to strengthen the buyer's position in the maritime tourism sector, expand its catamaran and sailing charter operations, and grow its portfolio of exclusive yacht representations in Greece.

2) Bally's Intralot Shareholders Approve Evoke Acquisition

Shareholders of Bally’s Intralot and Evoke approved the acquisition of Evoke by Bally’s Intralot. The transaction is expected to close between Q4 2026 and Q1 2027 because of pending regulatory approvals across European and US jurisdictions. Upon completion, the combined group is projected to generate annual revenues of c. €3.2bn and adjusted EBITDA of c. €0.9bn. In parallel, Bally’s Intralot shareholders authorized a share capital increase of up to €135.0m.

3) Aktor Renewables Signs Binding MoU to Acquire 51% of DEPA Emporias' RES Portfolio

Aktor Renewables signed a binding memorandum of understanding to acquire 51% of a renewable energy and storage portfolio jointly developed with DEPA Emporias, comprising 221.1MW of hybrid photovoltaic-storage projects and 250MW of standalone storage, with DEPA Emporias retaining 49%. Full portfolio investment is estimated at c. €370m, contingent on securing grid connection terms across all projects; definitive agreements remain outstanding, with closing targeted for Q4 2026.

4) Nova Reportedly Draws Renewed Interest from Yannis Alafouzos

According to Forbes Greece, Yannis Alafouzos is reportedly examining a potential acquisition of Nova's subscription-TV operations from BC Partners' United Group, following earlier unsuccessful rounds involving Saudi Telecom, e&, Warburg Pincus and Searchlight. The claims remain neither confirmed nor denied. United Group Chairman Nikos Stathopoulos previously stated Nova is not for sale.

5) E.In.S. Reported Nearing Two Deals in AI and Blockchain

E.In.S., a listed Greek consulting and innovation-solutions company, is reportedly nearing a three-phase equity acquisition of an Athens-based AI policy-innovation firm, and a blockchain joint venture with Xenios Blockchain Group targeting defense, healthcare, cybersecurity and real estate applications, in which E.In.S. would hold majority control. Neither deal has been confirmed.

6) PPC Completes Poland Tranche of ABO Energy Acquisition

PPC completed the acquisition of 17 Polish subsidiaries of Germany's ABO Energy, comprising c. 1.2GW of renewable and storage capacity, closing the Poland leg of the deal agreed on 7 August 2026. The Hungary tranche, part of the same c. 2GW combined transaction, remains subject to regulatory approval expected in Q4 2026. Consideration undisclosed.