Weekly M&A Debrief (26/1-1/2/2026)

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

TRANSPORTATION

1) Aegean Acquires 45% Stake in Apella

Aegean Airlines S.A., through its subsidiary Olympic Air, has acquired a 45% stake in Apella Monoprosopi S.A., a Greek aircraft and aviation material maintenance company. The transaction involves a purchase of existing shares and a share capital increase, with Dr. Nikos Kontogiannis retaining his 55% share and CEO role after the investment. The deal aims to support the development of synergies and expand Aegean’s capabilities in heavy aircraft maintenance through knowledge-sharing and operational collaboration.

The Targets

Apella Monoprosopi S.A., is a Greek aircraft maintenance organization certified under EASA Part-145, providing a broad range of maintenance and repair services across multiple aircraft types. The company holds a leading position in wheel and brake repair services in Greece and supports selected civil and defense-related aviation programs through approved engineering and technical services.

Revenue – 2024: €15.1m

EBITDA – 2024: €2.2m

Net Income – 2024: €1.3m

Net Debt – 2024: €2.7m

Leverage – 2024: 1.23x

The Buyer

Aegean Airlines S.A., with its subsidiaries, operates as an airline group providing passenger and cargo air transportation services in Greece and internationally through scheduled and charter flights. In addition to its core airline operations, the group is active in aviation-related services, including aircraft technical support, ground handling and the import, marketing and leasing of aircraft and spare parts.

TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

1) Acquisition of New Media Network Synapsis S.A.

INTELEXT Ltd, controlled by Alexandros Exarchou, Dimitris Bakos and Giannis Kaimenakis, has completed the acquisition of 100% of the share capital of New Media Network Synapsis SA, the parent company of the iefimerida media group. The terms of the transactions have not been publicly disclosed yet.

The Target

New Media Network Synapsis S.A. is a Greek media company primarily known as the publisher and operator of iefimerida.gr, one of the most visited Greek news websites.

Revenue – 2024: €4.9m

Net Income – 2024: €0.9m 

The Buyer

INTELEXT LTD is an investment entity that engages in strategic acquisitions and corporate ownership, primarily within Greek markets.

2) OTE Completes Acquisition of Terna Fiber

The Hellenic Telecommunications Organization (OTE) has successfully completed the

acquisition of 100% of Terna Fiber S.A., solidifying its lead in the Ultra-Fast Broadband

infrastructure project. Initially, OTE acquired a 50.1% stake held by GEK TERNA in

November 2025 and has now concluded the purchase of the remaining 49.9% stake

from Grid Telecom.

The Target

Terna Fiber S.A. was the special purpose vehicle created to implement part of the UFBB project, a major public-private partnership aimed at bringing high-speed internet to semi-urban and rural areas of Greece. By fully integrating Terna Fiber, OTE assumes full control over the specific geographical lots previously assigned to the Terna-Grid Telecom consortium.

The Buyer

OTE Group is the largest technology company in Greece and a member of the

Deutsche Telekom Group. This acquisition serves its strategic goal of expanding its

Fiber-to-the-Home (FTTH) footprint and accelerating the digital transformation of the

country. By consolidating the UFBB project execution under its own umbrella, OTE aims

to streamline the rollout of high-speed networks in underserved areas.

REAL ESTATE

1) Performance Technologies Board Approval for Acquisition of Ascentum

Performance Technologies has approved the acquisition of 100% of Ascentum Ktimatiki & Touristiki, a real estate holding company with properties currently leased to Performance. The total consideration amounts to €1.5 million, reflecting the fair market value of the underlying real estate assets.

Enterprise Value: €1.5m

The Target

Ascentum is a real estate investment and property management company that focuses on acquiring, developing, and leasing commercial and residential properties in Greece, particularly in central Athens. It also provides related services within the broader real estate and tourism sectors. 

The Buyer

Performance Technologies is a leading Greek IT solutions and services provider, specializing in enterprise digital transformation, cloud computing, cybersecurity, data analytics, and business automation solutions.

2) BriQ Properties acquires land plot for industrial development

BriQ Properties REIC has acquired a land plot in Metamorfosi, Attica, for a consideration of c. €3.5m. The land plot with a total surface area of 10,555m² located within the Acharnes Industrial Park. The company plans to develop a new high-specification industrial building on the site. The total investment budget, including land acquisition, is estimated at €6.5m. BriQ has already secured a 25-year fixed-term lease agreement with a reliable tenant for the facilities to be built on the plot, with delivery expected by late 2027.

The Buyer

BriQ Properties REIC is a real estate investment company listed on the Athens Stock Exchange. The acquisition aligns with its strategy to strengthen its portfolio in the logistics and industrial sectors, particularly through the development of modern assets within the urban fabric that offer secured, long-term returns.

HEALTHCARE

1) Dental Holdings acquires Memodent Group

Dental Holdings has completed the acquisition of Memodent Group, one of the leading distributors of dental products in Greece. The transaction includes Memodent S.A. and Oral Vision, forming the core of the Memodent Group. The financial consideration was not publicly disclosed.

The Target

Founded in 2000 and headquartered in Athens, the Memodent Group serves approximately 10,000 dental clinics and 1,500 dental laboratories across Greece, with a broad portfolio of dental consumables, equipment, and digital solutions. 

Revenue – 2024: €7.4m

EBITDA – 2024: €1.5m  

Net Income – 2024: €1.1m

The Buyer 

Dental Holdings is one of the leading dental distribution platforms in Central and Eastern Europe (CEE), providing dental materials, equipment, digital solutions, and related services to dental professionals, clinics, and laboratories across multiple countries.

RETAIL

1) Masoutis SA to Acquire 51% Stake in Kontzoglou Distribution

In a decisive move toward vertical integration, Diamantis Masoutis SA is set to acquire a 51% majority stake in Distribution Network SA, marking a strategic expansion into the import and wholesale distribution sector. This acquisition significantly bolsters Masoutis’s supply chain by securing nine strategic distribution hubs across Greece and a robust portfolio of exclusive partnerships with major domestic and multinational brands. The transaction is currently awaiting approval from the Hellenic Competition Commission.

The Target

Founded in 1958 in Thessaloniki, Afoi Kontzoglou – Distribution Network SA has evolved over 68 years into a third-generation leader in Greece's logistics and wholesale sectors. Today, the company operates out of its primary facilities in Vasilika, Thessaloniki, managing a robust nationwide network through nine strategic distribution points and over 20,000 m2 of company-owned infrastructure.

Revenue – 2024: €24.3m

EBITDA – 2024: €1.5m

Net Income – 2024: €1.1m

The Buyer

Established in 1976, Masoutis SA is a leading force in the Greek retail sector, operating a robust network of 400 corporate stores nationwide. The company stands out for its advanced infrastructure, featuring the largest logistics center in the Balkans, which serves as a cornerstone for its operational efficiency. Masoutis is currently undergoing a large-scale digital transformation, backed by strategic investments in e-commerce and physical store modernization.

MINING

1) Metlen Emerges as Sole European Contender for France’s Premier Aluminium Hub

Metlen Energy & Metals has emerged as the sole European contender for Aluminium Dunkerque, Europe’s largest smelter, in a high-stakes sale valued between €1.2bn and €1.8bn. Competing against five international rivals Metlen is leveraging its unique status as the continent's only fully integrated producer. The target asset is highly coveted following its secured 10-year energy contract with EDF, which provides crucial stability for France’s largest industrial electricity consumer. While the French government maintains strict oversight to protect 750 jobs and strategic industrial interests, the state-owned bank Bpifrance is conducting due diligence to potentially support the acquisition as a minority partner.

The Target

Aluminium Dunkerque SAS is Europe’s leading aluminum smelter, producing 300,000 tonnes annually for an export market spanning over 10 countries. With a workforce of over 700 employees and a history of continuous reinvestment, the company has increased its production capacity by 40%, solidifying its role as a technological and environmental benchmark in the global metallurgical sector.

The Buyer

Metlen Energy & Metals, established in 1908 formerly known as Mytilineos, operates two highly interconnected and complementary business sectors, energy and metals, enabling synergies that unlock hidden value and significantly amplify its overall performance. Strategically positioned at the forefront of the global energy transition, Metlen is established as a reference point for competitive green metallurgy at both European and global levels.

HOSPITALITY

1) LAMPSA Participation in Regency's Share Capital Increase

LAMPSA Hellenic Hotels has decided to participate in the share capital increase of Regency Hellenic Investments to maintain its indirect shareholding. The participation will be affected via Selene Enterprises Company Limited and Harmona Enterprises Company Limited, with total contributions of €7.3m (€7.2 million and €0.12 million respectively). Following completion, LAMPSA will retain an indirect stake of approximately 25.83% in Regency.

Implied Enterprise Value: €28.3m

EV/EBITDA: 1.3x

The Target 

Regency Hellenic Investments is a hospitality and leisure investment company, active primarily in the gaming, entertainment, and hotel sectors in Greece. The company operates through subsidiaries and participations, holding strategic assets in integrated resort and leisure developments.

Revenue – 2024: €163.0m

EBITDA – 2024: €21.0m

Net Income – 2024: (€0.3m)

The Buyer 

LAMPSA Hellenic Hotels is one of the oldest and most established hotel companies in Greece, with a long-standing presence in the luxury and upscale hospitality segment. The company focuses on the ownership, operation, and investment in landmark hotel assets in prime urban locations.

ENERGY

1) ContourGlobal enters Greece with acquisitions of PV and BESS assets

ContourGlobal has announced its strategic entry into the Greek renewable energy market through the acquisition of a 37 MWp operational solar PV portfolio and a 500 MW / 2,000 MWh portfolio of battery energy storage systems (BESS). The transactions align with the company's ambition to become a leading independent power producer in renewables and energy storage, reinforcing its European footprint which already includes Italy, Spain, Austria, and Bulgaria.

AXIA Ventures Group acted as financial advisor to ContourGlobal for the solar acquisition.

The Targets

The deals involve two distinct asset categories acquired through separate transactions:

Solar Portfolio: Acquired from Quest Energy. With 26 operating PV plants across Greece, a capacity of just under 37 MWp all while generating 51 GWh annually the revenue profile is strong and fully contracted under Feed-in Tariff and Feed-in Premium schemes.

Battery Storage (BESS) Portfolio: Acquired from developers FRV and Zephiros. The total Capacity reaches 500 MW / 2,000 MWh. Key Projects include the taxiarches in Thessaly, acquired from FRV, it is ready-to-build, with construction starting Q1 2026 and commercial operation expected by early 2027. There is also more in the pipeline, an additional 400 MW / 1,600 MWh across six projects acquired from Zephiros which have secured environmental approvals and applied for grid connection.

The Buyer

ContourGlobal is a London-based power generation business operating a portfolio of thermal and renewable energy assets. The company views Greece as a key market due to the country's accelerating renewable penetration and the booming need for grid flexibility.

RUMOURS AND OTHER DEVELOPMENTS

1) Rumor: Ilida Scouting for Acquisitions & New Verticals

Market chatter suggests that Ilida (Ilyda S.A.) is gearing up for a significant strategic shift in 2026. Following a period of strong organic growth and successful contract execution, the company is reportedly ready to deploy its liquidity to expand through acquisitions