Weekly M&A Debrief (19/10/2026-25/10/2026)

By George Moschovis and Theodoros Kouzigiannis

LOGISTICS

EOS Capital Partners to Acquire 70% of UTC International Transport

EOS Capital Partners, through its EOS Hellenic Renaissance Fund II, signed an agreement to acquire 70% of UTC International Transport, a Greece-based air freight forwarder. The founding shareholders retain 20% and other private investors 10%, with founder Ioannis Michos remaining CEO, while the consideration was not disclosed. The investment aims to broaden UTC’s services and client base and to pursue consolidation opportunities in a fragmented market.

The Target

UTC International Transport, founded in 2004 and based at Athens International Airport, is an asset-light air freight forwarder specialising in cold-chain, high-value and time-critical cargo to more than 50 destinations.

Revenue – 2025: €21.0m

EBITDA – 2025: €6.1m

Net Income – 2025: €4.7m

Net Debt – 2025: (€3.6m)

The Buyer

EOS Capital Partners is a Greece-based private equity firm and a member of EOS Global Investors.

AGRICULTURE

Elikonos Capital Acquires Minority Stake in Vezyroglou

Elikonos Capital, through its Elikonos 3 fund, acquired a minority stake in Vezyroglou. The injected capital will finance the next phase of the company’s investment plan, which focuses on expanding agricultural production via new greenhouses and adding production lines for higher value fresh products, such as ready-to-eat salads. This strategic move aims to help the company better meet growing consumer demand.

The Target

Vezyroglou is a vertically integrated agricultural company based in Alexandreia, Imathia, specialising in the production and processing of baby leaves and ready-to-eat salads. With an annual production of more than 3,000 tons, the company manages the entire supply chain serving both retail and B2B markets.

The Buyer

Elikonos Capital is a private equity firm focused on growth investments and buyouts in the Greek market. This transaction represents the sixth investment executed by its Elikonos 3 fund.

RUMOURS AND OTHER DEVELOPMENTS

1) Alpha Bank’s ABINVEST I Completes €21.8m Acquisition of Athens Office Building from Europe Holdings

ABINVEST I, a wholly owned subsidiary of Alpha Bank, completed the acquisition of an office building at Papada and Adrianiou 2 in Athens from Europe Holdings for €21.8m, following a binding preliminary agreement announced in April 2025. Existing third-party leases remain in force.

2) United Group Reportedly Explores Sale of Nova’s Pay-TV Business

According to market sources cited by Naftemporiki, United Group, controlled by BC Partners, is holding exploratory talks with Greek television companies over a possible sale of Nova’s pay-TV business, recently rebranded from EON to Nova TV. No buyer has been named.

3) Competition Commission Clears Circet Europe’s Acquisition of Paralos

The Hellenic Competition Commission unanimously approved Circet Europe’s acquisition of sole control of Paralos Energiaki, a Greek energy infrastructure EPC and SCADA systems contractor. The regulator found no affected markets, as Circet’s Greek subsidiary operates only in telecommunications.

4) CrediaBank Shareholders Approve Europe Holdings Absorption

CrediaBank’s extraordinary general meeting approved the absorption of insurer Europe Holdings, following supervisory and Competition Commission approvals, with completion expected by end-October. CrediaBank and Europe Holdings shareholders will hold 90.375% and 9.625% of the combined group respectively. The bank expects the deal to raise 2027 EPS by c. 8%.

5) Bank of Cyprus Completes Acquisition of Loan and Deposit Portfolio from Cyprus Development Bank

Bank of Cyprus completed the acquisition of a portfolio comprising c. €130m in loans and c. €440m in deposits from Cyprus Development Bank. The transaction aligns with the buyer's strategic objective to expand its performing loan book and deposit base. The asset transfer is expected to yield a modestly positive impact on the buyer's income statement, with a limited capital impact of approximately 30 basis points.