Weekly M&A Debrief (27/07-02/08/2026)

By George Moschovis and Theodoros Kouzigiannis

ENERGY

PPC Acquires 277.3 MW Renewables Portfolio in Poland

PPC agreed to acquire a wind and solar portfolio of 277.3 MW total capacity in Poland from EDP Renewables Polska. Through this acquisition PPC enters the Polish market for the first time, one week after its entry into Hungary, advancing its 2026–2030 strategic plan and its target of 2.2 GW of renewables and storage across the CEE region. The consideration was not disclosed, and completion remains subject to customary conditions precedent and approval by the relevant supervisory authorities.

The Target

The portfolio comprises 175.4 MW of operating capacity and 101.9 MW of solar projects under development, with an estimated operational lifetime of 35 years. Operating assets include three wind farms at Ilza, Tomaszow and Poturzyn totalling 130.5 MW with capacity factors of up to 33%, and two solar parks at Pakoslaw and Recz totalling 44.9 MW, benefiting from long-term fixed-price contracts. The development projects, Ilza CP and Tomaszow CP, are expected to become operational in 2029 using cable pooling, sharing grid connection infrastructure with the existing wind farms.

The Buyer

PPC (ΔΕΗ) is Greece's largest electricity producer and supplier, listed on Euronext Athens with the Greek State retaining a significant minority holding. The group has expanded across South-East Europe, most notably through its acquisition of Enel's Romanian operations, and is executing a 2026–2030 strategic plan built on renewables, storage and networks.

Revenue – 2025: €9.7bn

Adjusted EBITDA* – 2025: €2.0bn

Net Income – 2025: €360m

Net Debt – 2025: €6.5bn

Net Debt/EBITDA – 2025: 3.2x

*Company-reported alternative performance measures. Net income is stated after minority interests.

BUSINESS SERVICES

Qualco Acquires 60% of Lever Development Consultants for up to €3.5m

Qualco acquired a 60% majority stake in Lever Development Consultants, a Greek advisory firm serving public and private sector organisations, for an initial consideration of €3.0m. The transaction was structured as a share acquisition, with a supplementary earn-out of up to €0.5m linked to the achievement of specific performance targets. Lever's founders remain shareholders and continue to lead the company. The acquisition is aimed at strengthening Qualco's presence in consulting services and digital transformation projects in Greece and the EU.

Transaction Value*: €3.5m

Implied Equity Value: €5.8m

Implied Enterprise Value: €5.9m

EV/EBITDA: 3.93x

EV/Revenue: 1.18x

*Consideration and multiples include the maximum €0.5m earn-out

The Target

Lever Development Consultants, founded in 2011 and based in Thessaloniki, is a Greek development advisory firm working with public and private sector organisations, with a focus on EU-funded programmes. It employed an average of 43 staff during 2025.

Revenue – 2025: €5.0m

EBITDA – 2025: €1.5m

Net Income – 2025: €1.1m

Net Debt – 2025: €0.0m

The Buyer

Qualco is a Greek software and technology group listed on Euronext Athens, operating across three segments: Software and Technology, Platform as a Service, and Portfolio Management. It employs c.1,300 people with operations in over 30 countries and 29% of revenue generated internationally.

Revenue – 2025: €216m

Adjusted EBITDA – 2025: €43m

Net Income – 2025: €9.6m

Net Debt – 2025: €55m

Leverage – 2025: 1.28x

PACKAGING

Dunapack Packaging Acquires El Pack Corrugated Packaging Operations

Dunapack Packaging Hellas, a member of the Prinzhorn group acquired EL Pack corrugated packaging operation, the acquired business division including three manufacturing facilities across Greece, employing c. 250 people. The transaction remains subject to regulatory approval, with completion expected in the second half of 2026. It allows the buyer to make a stronger manufacturing hub and enhance its strategic footprint across the Southeastern European packaging market.

The Target

El Pack corrugated packaging division operates three manufacturing facilities located in Patra, Kapandriti, and Thiva. The acquired division specializes in the production of corrugated cardboard packaging solutions and employs c.250 people.

Revenue – 2024: €41.1m

EBITDA – 2024: €3.8m

Net Income – 2024: (€0.0m)

Net Debt – 2024: €23.0m

Leverage – 2024: 6.05x

*Financials for the whole EL Pack operations 

The Buyer

Dunapack Packaging Hellas is a Greek packaging manufacturer operating as part of the Austrian Prinzhorn Group. Present in Greece since 1973, the company produces corrugated cardboard packaging. Its parent organization is active in recycling, paper production, and packaging, employing c.10,000+ people across 15 countries in Central and Eastern Europe.

RUMOURS AND OTHER DEVELOPMENTS

1) Bally's Intralot Secures £261.78m Senior Secured Financing

Bally's Intralot signed senior secured term facilities of £261,780,105 (c.€306m) with institutional lenders, through subsidiary Intralot Capital Luxembourg. The financing will be drawn in two three-year term loan tranches, secured on a senior basis by group members. Proceeds are intended for general corporate and working capital purposes, including the group's planned acquisitions and the refinancing of obligations.

2) Hellenic Competition Commission Approves Perutnina’s Acquisition of Joint Control in Nitsiakos

The Hellenic Competition Commission approved the acquisition of joint control over Greek poultry producer Nitsiakos by Perutnina Ptuj, alongside three companies already holding shares in the target. The regulatory authority concluded that the transaction will not significantly affect competition conditions across the relevant markets, which include poultry meat distribution, animal feed production, and wholesale grain supply within the Greek territory.

3) Hellenic Capital Market Commission Approves Alpha Bank's Squeeze-Out of Alpha Trust Symmetochon

The Hellenic Capital Market Commission approved on 30 July Alpha Bank's squeeze-out of the 73,210 Alpha Trust Symmetochon shares it does not already hold, representing c.2.3% of share capital and voting rights. The consideration is €20.20 per share in cash, matching the earlier tender offer. The last trading day on Euronext Athens has been set for 18 August 2026.

4) PPC Reported in Advanced Talks to Acquire Italian Electricity Supplier

PPC is reported to be close to acquiring an Italian electricity supplier, with definitive signatures expected in September, according to Euro2day. Following months of negotiations with two or three Italian companies, discussions are said to have narrowed to a single counterparty. The move would take PPC into Italian retail supply and make it a vertically integrated group there, where it already develops renewables and storage projects.

5) Intracom Holdings Enters Elliniko with Ten Brinke

Intracom Holdings acquired 42.85% of TenPlatinum Properties and 42.84% of TENELITE Properties, two Ten Brinke Hellas subsidiaries holding residential plots at Elliniko, for a total consideration of €41.5m. The plots carry maximum permitted buildable area of 15,673 sq m, implying c.€2,650 per buildable square metre. The sites had originally been agreed with Centric, which withdrew weeks earlier citing excessive financial burden. Development plans are expected to be finalised in the coming weeks.

6) Hellenic Competition Commission Approves Blackstone's Acquisition of Skroutz

The Hellenic Competition Commission approved Blackstone's acquisition of sole control over Skroutz, the Greek online marketplace, from CVC Capital Partners Fund VII. The authority found the conglomerate concentration raised no serious doubts as to its compatibility with competition conditions in the relevant markets. The transaction was announced in May and is expected to be completed in the second half of 2026.