Weekly M&A Debrief (2-8/3/2026)

By Nikos Tsolakis, Dimitris Chatziasimiadis, Stavroula Bichta, Dimitris Machairas, Angeliki Stampouli and Thanasis Ntatsis

REAL ESTATE

1) Ellaktor S.A. Completes Acquisition of Office Asset from Prodea for €44 Million

Landmark Holdings S.M.S.A., a subsidiary of Ellaktor Group, has acquired a fully leased office asset from Prodea Investments for €44 million. The 8,546 m2 six-story building is situated at 15 Vasilisis Sofias Ave., Athens, on a 2,036 m2 land plot and includes underground parking. The transaction was funded through the company’s cash reserves.

Transaction Value: €44.0m

Total GFA (Gross Floor Area): 8,546.8 m²

Site Area: 2,036 m²

The Buyer

ELLAKTOR Group is one of the leading infrastructure groups in Greece, with a diversified portfolio focusing on the sectors of Concessions, Real Estate Development and Management, and Hospitality for over 70 years.

Revenue – 2024: €353.8m

EBITDA – 2024: €170.0m

Net Income – 2024: €57.4m

Net Debt – 2024: €133.6m

Leverage – 2024: 0.79x

The Seller

PRODEA Investments is a real estate investment company in Greece. The company’s real estate portfolio consists of more than 340 commercial properties, primarily office and retail. More than 80% of its portfolio is located in prime urban areas throughout Greece, with selective exposure to other key markets in Southeastern Europe.

Revenue – 9M 2025: €68.2m

EBIT – 9M 2025: €139.6m

Net Income – 9M 2025: €90.7m

Net Debt – 9M 2025: €1,171.0m

INDUSTRIALS

1) TITAN Completes Acquisition of Traçim Çimento

TITAN Group has completed the acquisition of 100% of Traçim Çimento, a cement producer based in Türkiye. The acquisition is expected to generate over €120 million in annual revenue and more than €50 million in EBITDA by 2027, while creating operational synergies with TITAN’s existing activities in Western Türkiye.

The Target

Traçim Çimento is a cement producer based in Türkiye, operating an integrated cement plant in the Marmara region, near the greater Istanbul metropolitan area.

The Buyer

TITAN Group is an international producer of cement and building materials, headquartered in Greece. The company operates production and distribution facilities across Europe, North America, the Eastern Mediterranean, and Southeastern Europe.

LTM Revenue – Q3 2025: €2.8bn

LTM EBITDA – Q3 2025: €617.0m

Leverage – Q3 2025: 0.5x

TMT

1) Alter Ego Media acquires majority stake in More.gr

Alter Ego Media has signed an agreement to acquire a 50.1% stake in the digital ticketing platform More.gr for an initial consideration of c. €20 million. The shares were purchased from Werealize.com Investments Limited, which will retain the remaining 49.9% stake. The deal includes an earn-out mechanism based on the platform's financial performance between 2026 and 2028, which could increase the total consideration to a maximum of €30 million. The acquisition will be funded by a combination of capital raised from Alter Ego's recent IPO on the ATHEX (62%) and bank financing (38%).

Transaction Value: €20.0m

Enterprise Value: €40.0m

Maximum Potential Earnout: €10.0m

Maximum All-In Consideration: €30.0m

EV/EBIT: 7.69x

EV/Sales: 3.63x

*Based on 2026 projected financials 

The Target

More.gr is a digital ticketing and event management platform operating in Greece and Cyprus. It provides software and services for the issuance, sale, and distribution of tickets across sectors, including cultural, entertainment, sports, and educational events. The platform facilitates transactions between event organizers and consumers and manages significant ticketing volumes. In 2025, it processed approximately €155 million in gross transaction value and more than 7 million tickets.

Revenue – E2026: €11.0m

EBIT – E2026: €5.2m

The Buyer

Alter Ego Media is a Greek media company that operates a diversified portfolio of assets, including national television broadcasting, print newspapers, and digital news portals. By integrating ticketing and live event management into its operations, the company aims to build a business model that links its content distribution networks directly with consumer entertainment and services.

LTM Revenue: €128.7m

LTM EBITDA: €49.2m

LTM Net Income: €12.1m

Net Cash – H1 2025: €50.2m

RUMOURS AND OTHER DEVELOPMENTS

The acquisition of Aluminium Dunkerque, the largest primary aluminium smelter in Europe, was ultimately secured by Aluminium Bahrain (Alba), which signed an agreement to acquire 100% of the company from the fund American Industrial Partners. Metlen also participated actively in the bidding process and had reached the final stage together with Alba and Emirates Global Aluminium, but Alba’s offer ultimately prevailed.