Weekly M&A Debrief (26/10/2026-01/11/2026)

By George Moschovis and Theodoros Kouzigiannis

COURIER SERVICES

Quest Holdings to Reacquire 20% of ACS from GLS for €37m

Quest Holdings exercised its right to buy back the 20% stake in ACS, a Greek courier company, from General Logistics Systems (GLS) for €37m plus adjustments, which will restore its 100% ownership. The repurchase, provided in the October 2024 share purchase agreement, followed GLS’s decision not to exercise its option on the remaining 80%, priced at no less than €296m. GLS had paid €74m plus c. €3m in adjustments for the 20%. Quest reports a net financial gain of c. €37m from the transaction, with completion expected by end-November 2026.

Transaction Value: €37.0m

Implied EV: €185.0m

EV/EBITDA: 5.79x

EV/Sales: 1.09x

The Target

ACS is a Greek courier and postal services company, owned by Quest since 1999, with a network of more than 3,400 parcel lockers.

Revenue – LTM H1 2026: €169.4m

EBITDA – LTM H1 2026: €31.9m

Net Income – LTM H1 2026: €19.2m

The Buyer

Quest Holdings is a Greek holding company listed on Euronext Athens. Quest Group is active in the sectors of Information Technology, Telecommunications and A/C Products - Wholesale & Retail - e-commerce, Information Technology Services, Courier and Postal Services and Green Energy, with a presence in Greece and Europe. Its main subsidiaries include Info Quest Technologies, iSquare, iStorm, Clima Quest, G.E. Dimitriou and Benrubi in commercial activities, you.gr in e-commerce, Uni Systems in IT services, ACS in courier services and Quest Energy in green energy.

Revenue – LTM H1 2026*: €1,532.3m

EBITDA – LTM H1 2026*: €108.3m

Net Income – LTM H1 2026*: €60.1m

Net Debt – H1 2026: €14.1m

Leverage – H1 2026: 0.13x

ENERGY & FUEL

Helleniq Energy to Acquire Staroil

Helleniq Energy, through its subsidiary Helleniq Energy Cyprus Holdings, has agreed to acquire Staroil to expand its retail footprint in the Cyprus fuel market. The financial consideration was not disclosed, and the transaction remains subject to customary regulatory approval from the Commission for the Protection of Competition of Cyprus.

The Target

Staroil is a Cypriot petroleum company operating a retail network of 13 petrol stations. The company is engaged in the import and direct distribution of commercial fuels and heating oil.

The Buyer

Helleniq Energy is a regional energy group with an established presence in Cyprus through its subsidiary EKO Cyprus, which operates c. 100 petrol stations and is involved in the storage, transport and trade of liquid fuels and LPG.

Revenue – 2025: €11,614.6m

EBITDA – 2025: €736.0m

Net Income – 2025: €177.0m

Net Debt – 2025: €2,415.0m

Leverage – 2025: 3.28x

RENEWABLE ENERGY

TERNA ENERGY to Acquire 560 MW Enipeas Solar Project from Lightsource bp

TERNA ENERGY, Masdar’s Greek platform, agreed to acquire the 560 MW Enipeas solar project from Lightsource bp for an undisclosed consideration. Completion is expected by end-2026, subject to regulatory approvals. The deal is Masdar’s first investment under its €5.5bn plan to reach 6 GW of operating capacity in Central and Southeastern Europe by 2030.

The Target

Enipeas comprises the Skopia (400 MW) and Kallithea (160 MW) clusters in Larissa and Fthiotida and two owned substations. It is due to become operational by end-2026 and has a long-term power purchase agreement with a cloud services provider.

The Buyer

TERNA ENERGY is a Greek renewable energy producer with over 1.5 GW of installed capacity in Greece and abroad, wholly owned by Masdar since April 2025.

Revenue – LTM H1 2026: €310.0m

EBITDA – LTM H1 2026: €202.7m

Net Income – LTM H1 2026: €80.3m

Net Debt – H1 2026: €821.1m

Leverage – H1 2026: 4.05x

TECHNICAL TEXTILES

Thrace Plastics Acquires Plydex for €2.35m

Thrace Plastics, through its subsidiary Thrace Nonwovens & Geosynthetics, acquired 100% of Plydex, an Italian distributor of geosynthetic products, for €2.35m under a definitive agreement signed on 27 October. The consideration was financed through external borrowing. The acquisition aims to strengthen the group’s position in technical fabrics and its presence in Italy, while generating commercial and operational synergies.

Implied EV: €2.35m

EV/EBITDA: 4.70x

EV/Sales: 0.40x

The Target

Plydex, established in 1994 and based in Dueville, Vicenza, trades geotextiles, geogrids, drainage geocomposites, EPDM membranes and erosion-control materials for infrastructure and environmental projects.

Revenue – 2025: €5.9m

EBITDA – 2025: €0.5m

Net Income – 2025: €0.3m

The Buyer

Thrace Plastics is a Greek listed group active in technical fabrics and packaging solutions.

Revenue – 2025: €389.6m

EBITDA – 2025: €48.4m

Net Income – 2025: €19.6m

Net Debt – 2025: €56.9m

Leverage – 2025: 1.18x

FINANCIAL ADVISORY

Parnon Holdings Acquires DBC Corporate Advisory Following Spin-Off

Parnon Holdings, an investment vehicle controlled by Giannis Sakkaris, has acquired DBC Corporate Advisory. The transaction follows a corporate carve-out where the financial advisory and private sector grant utilization divisions of Diadikasia Business Consulting were spun off into the newly formed, independent entity. As part of the transaction, all relevant personnel, client portfolios, and over 400 active contracts were transferred to DBC Corporate Advisory. The acquisition aims to leverage the team's market expertise and support the firm's independent growth trajectory in the corporate consulting and investment financing landscape.

The Target

DBC Corporate Advisory is a newly established financial consulting firm in Greece, originating from the structural spin-off of Diadikasia Business Consulting. The company supports businesses across their entire investment cycle, offering services in corporate finance, M&A advisory, debt restructuring, business reorganization, and technology advisory with a specific focus on artificial intelligence. The firm serves a diversified client base across sectors including manufacturing, energy, agriculture, banking, technology and tourism.

The Buyer

Parnon Holdings is a Greek investment holding company owned by Giannis Sakkaris. The entity serves as the acquisition vehicle and new parent company, providing the strategic framework and backing for DBC Corporate Advisory's independent operations and future expansion.

RUMOURS AND OTHER DEVELOPMENTS

1) CVC Reportedly Seeks Buyer for Delta

According to Liberal, CVC Capital Partners continues to explore a sale of Vivartia’s dairy company Delta, with Hellenic Dairies, owned by the Sarantis family, linked to the process. No agreement has been announced. Delta reported 2025 sales of €298.7m, up 2.5%, adjusted EBITDA of €22.2m and a net loss of €2.6m.

2) Eurobank Completes Acquisition of Remaining 80% Stake in Eurolife Life

Eurobank has successfully completed the acquisition of an 80% stake in Eurolife Life from entities controlled by Fairfax Financial Holdings. Eurobank, which previously held the remaining 20%, now owns 100% of Eurolife Life. The acquisition aims at expanding Eurobank's footprint in the insurance sector, diversifying its revenue streams. In a related parallel transaction, Eurobank has agreed to sell a 45% stake in its Cypriot non-life insurance subsidiary, ERB Asfalistiki, to Fairfax, an agreement pending regulatory approvals and expected to close by the end of 2026.

3) THEON Receives Approval to Complete Acquisition of 80% Stake in MERIO

THEON has received approval to complete the acquisition of an 80% stake in MERIO, a French defence and optronics company, with completion now underway. THEON aims to capture synergies quickly and will fully integrate MERIO’s operations, while MERIO’s management and key employees will remain with the business.

4) Skai Reportedly Close to Acquiring Protagon

According to Bankingnews, Skai, the media group of Giannis Alafouzos, has agreed the main terms to acquire news website Protagon, with final procedures pending and the price undisclosed. Founder Christos Memis is expected to remain in charge. The move aims to strengthen Skai’s digital presence.