Weekly M&A Debrief (21/09/2026-27/09/2026)

By George Moschovis and Theodoros Kouzigiannis

TECHNOLOGY

Hg Acquires 70% of Entersoftone at c. €1bn Valuation

Hg agreed to acquire a 70% stake in Entersoftone, a Greek ERP and business software group, from Olympia Group and Imker Group, at a valuation of c. €1bn; consideration was not disclosed. Olympia Group and Imker Group retain c. 15% and 14% respectively, while management is led by CEO Antonis Kotzamanidis. Closing is expected later in 2026, subject to customary conditions and approvals. Hg plans to accelerate the group's cloud transition, AI-based product development and regional expansion.

Implied Enterprise Value: €1bn

EV/EBITDA – 2025: 34.60x

The Target

Entersoftone provides ERP and business software, including CRM, payroll, warehouse management, e-commerce and e-invoicing solutions, to over 90,000 customers in Greece, Cyprus, Romania and Bulgaria. It was formed through the merger of Entersoft and SoftOne, completed on 30 September 2025, and had 1,437 employees at year-end of 2025.

Revenue – 2025: €88.2m

EBITDA – 2025: €28.9m

Net Income – 2025: €11.5m

Net Debt – 2025: €170.6m

Leverage – 2025: 5.90x

The Buyer

Hg is a London-based private equity investor focused on software and services, with over $110bn in assets under management. The investment is its first in Greece.

CONSUMER GOODS

Halcyon Equity Partners and Herbarium Holding to Acquire Control of Korres

Halcyon Equity Partners and Herbarium Holding, the investment vehicle of founder Giorgos Korres, agreed to acquire control of Korres, a Greece-based cosmetics and personal care products company. The transaction value and the post-completion shareholding structure were not disclosed. The transaction was notified to the Hellenic Competition Commission on September 15, 2026, and remains subject to regulatory approval.

The Target

Korres produces and distributes natural cosmetics and personal care products. The company maintains a production base in Greece and operates in more than 50 countries, including the US, Germany, France, Brazil, and Australia.

Revenue – 2024: €61.3m

Adjusted EBITDA – 2024: €10.7m

Net Income – 2024: (€2.0m)

Net Debt – 2024: €41.4m

Leverage – 2024: 3.86x

The Buyer

Halcyon Equity Partners is a Greek private equity firm focused on investing in small and medium-sized businesses with strong growth potential. The firm targets founder-led companies across sectors including consumer, healthcare, technology, business services and industrials, providing growth capital and strategic support to accelerate expansion and long-term value creation.

RETAIL

JD Sports Acquires Remaining 20% Stake in Cosmos Sport

JD Sports exercised a call option to acquire the remaining 20% minority stake in Cosmos Sport, a Greece-based sporting goods retailer for an expected consideration of c. €44.0m. The transaction follows the buyer's initial acquisition of an 80% stake in the target in 2021, taking JD Sports to full ownership.

Implied Enterprise Value: €197.3m

The Target

Cosmos Sport is a Greece-based sportswear and sneaker retailer. The company operates a network of c. 100 physical stores across Greece and Cyprus under banners including Cosmos Sport, JD, Sneaker10.

Revenue – 2025: €212.2m

Adjusted EBITDA – 2025: €26.6m

Net Income – 2025: €15.5m

Net Debt – 2025: (€22.7m)

The Buyer

JD Sports is a UK-based sportswear and fashion retail group listed on the London Stock Exchange and a constituent of the FTSE 100. It operated 4,811 stores across 36 countries at the end of January 2026, through banners including JD, Hibbett, Shoe Palace, DTLR and Courir.

RUMOURS AND OTHER DEVELOPMENTS

1) Aktor Targets Year-End Completion of 50% Dioriga Gas Acquisition

Aktor expects to complete the acquisition of a 50% stake in Dioriga Gas, Motor Oil's floating LNG terminal project company at Agioi Theodoroi, by the end of 2026, Chairman and CEO Alexandros Exarchou told analysts at the H1 2026 results presentation. The parties signed a preliminary framework agreement in July 2026, with Motor Oil retaining 50%. Closing is subject to definitive agreements and regulatory approvals.

2) ElvalHalcor to Absorb Wholly Owned Subsidiary ANOXAL

ElvalHalcor initiated the merger by absorption of ANOXAL, its wholly owned subsidiary, with the merger plan filed on 24 September 2026 and completion expected in Q4 2026. ANOXAL recycles aluminium scrap for rolling and high-specification automotive applications. The merger aims to expand ElvalHalcor's aluminium recycling capacity, leveraging ANOXAL's land, certifications and permits.

3) Golden Age Capital Holds €250m Final Close of First Fund

Golden Age Capital held the final close of its first private equity fund at €250m, above its €200m initial target, anchored by the Hellenic Development Bank of Investments. The fund acquires majority stakes in Greek SMEs to consolidate fragmented markets through buy-and-build strategies, targeting 10–12 companies; O Proedros, Moving Doors and Dr. Pharmacy are already in its portfolio.