Weekly M&A Debrief (25-31/05/2026)

By Dimitris Machairas and George Moschovis

PROFESSIONAL SERVICES

TREK Development Acquires 51.23% Stake in Terra Advisory

Trek Development acquired a 51.23% stake in Terra Advisory for a transaction value of €0.5m, implying an enterprise value of €0.9m, with a call option to acquire a further 30% at the same valuation. The transaction was structured as a combination of cash and a share capital increase, with a profitability earn-out clause tied to targets for 2026, 2027, and 2028. The acquisition reinforces Trek's Advisory & Professional Services pillar and broadens its exposure to the private sector.

Implied Enterprise Value: €0.9m

EV/EBITDA: 2.25x

The Target

Terra Advisory is a business development and management services firm focused on the agri-food value chain, serving private-sector clients.

Revenue – 2025: €2.0m

EBITDA – 2025: €0.4m

Net Income – 2025: €0.3m

The Buyer

TREK Development is an Infrastructure & Professional Services company. Established in 1995 it is actively focused on Infrastructure Development, mainly in the Energy and Energy Efficiency Sector, as well as Technical Assistance services & Project Financing to Public, semi-Public Organizations, Regional Authorities and SMEs. Main focus is on INFRA Project development & Finance, Regional Development, Technical Assistance - Programs Management.

Revenue – 2025: €3.7m

EBITDA – 2025: €1.8m

Net Income – 2025: €1.3m

Net Debt – 2025: (€3.2m)

TECHNOLOGY

AVE Participation Acquires 24.98% Stake in Probotek for €150k

AVE Participation acquired a 24.98% stake in Probotek, a Greek drone technology company, for approximately €0.2m. The transaction gives AVE exposure to the global autonomous operations and drone infrastructure market, extending the group's portfolio beyond its core retail and services activities.

Implied Enterprise Value: c. €0.6m

The Target

Probotek, founded in 2019, develops an integrated ecosystem of technologies for the drone and autonomous operations sector, encompassing software platforms, AI-driven mission control systems, and enterprise drone infrastructure, serving both private and public sector clients.

Revenue – 2024: €0.3m

EBITDA – 2024: €0.1m

Net Income – 2024: €0.1m

The Buyer

AVE is a Greek holding group listed on the Athens Stock Exchange, focused on the field of consumer technology products. At the same time, it is active in retail through its Retail & More subsidiary, which operates a Carrefour franchise network in Greece, alongside food wholesale and film management and production sectors.

Revenue – 2025: €31.1m

EBITDA – 2025: (€2.6m)

Net Income – 2025: (€2.3m)

Net Debt – 2025: €11.1m

RUMOURS AND OTHER DEVELOPMENTS

1) Alpha Bank Launches Public Offer for Alpha Trust at €20.20 per Share

Alpha Bank has launched a public offer for the entirety of Alpha Trust’s share capital at €20.20 per share in cash. The acceptance period runs from 29 May to 26 June 2026, with results expected by 30 June. Alpha Bank has already secured irrevocable sale agreements covering 69.61% of the company. The offer price represents a c. 56% premium to the six-month volume-weighted average price. Should Alpha Bank acquire more than 90% of the share capital, it may exercise squeeze-out rights over the remaining shares. The transaction supports Alpha Bank's strategy to strengthen its asset management capabilities and expand its investment services offering.

2) Fais Group Initiates Merger of E-Tennis into ELSOL

Fais Group has initiated the absorption merger of E-Tennis, the 100% subsidiary of ELSOL, into ELSOL, the 75% subsidiary of Fais Group. Both boards approved the process on 25 May 2026. The transaction aims to simplify the group's organisational structure and reduce operating costs through economies of scale.

3) Metro Unveils €250–280m Investment Plan and Signals Acquisition Interest

Metro AEBE announced an investment programme of €250–280 million for the 2026–2029 period, focused primarily on expanding its My Market Local convenience store network from 74 to 100 locations by the end of 2026. Management also indicated that the group remains open to acquisition opportunities, including the 53 stores that Masoutis is expected to divest following the completion of its acquisition of Kritikos.

4) European Commission Approves PPC–Metlen Energy Storage Joint Venture

The European Commission approved the creation of a 50/50 joint venture between PPC and Metlen for the development and operation of battery energy storage (BESS) projects in Bulgaria, Romania, and Italy. The partnership combines Metlen’s project development and construction expertise with PPC’s energy management capabilities and renewable energy presence in the three markets and forms part of PPC’s €10.1 billion investment programme for 2026–2028.