Weekly M&A Debrief (28/07-03/08/2025)

By Nikos Tsolakis, Thanasis Ntatsis and Zeynep Giousemoglou

Interesting developments in the Greek M&A landscape, with AXIA Ventures appointed as the financial advisor in two landmark transactions in the renewable energy and hospitality sectors. Also, a white knight has appeared in the Avramar case while the deal is in the closing stages, as Alma Advisors advises on another deal involving an SCI and debt financing.

Principia Acquires 100% Stake in EDPR’s 150MW Wind Portfolio in Greece

The Deal: EDP Renováveis, one of the world’s largest renewable energy producers, signed an agreement to sell 100% of the share capital of its 150 MW Greek wind portfolio to Principia, a JV between Enel SpA and Macquarie Asset Management, for an estimated EV of €200m. The transaction is subject to customary regulatory approvals and conditions, with closing expected in 2025.

The Target: The portfolio comprises four operational wind farms in Greece, all benefiting from 20-year CfDs.

The Buyer: Principia is co-owned by Enel SpA, one of the world’s leading integrated electricity and gas operators, and Macquarie Asset Management, a global infrastructure and renewable energy investor.

Advisors: EDPR (AXIA Ventures Group – exclusive financial advisor)

Azora Acquires Majority Stake in Donkey Hotels

The Deal: Azora, a leading international alternative investment platform with a strong presence in European hospitality and leisure, acquired a c. 50.1% stake in Donkey Hotels S.A. from existing shareholders through managed investment funds. The remaining 49.9% stake is retained by the Ioannou family, represented by Mr. Christos Ioannou, who continues as Chairman of the Board.

The Target: Donkey Hotels owns and operates five luxury hotels in Greece totaling 834 rooms, including four landmark properties in Athens: Athenaeum InterContinental, NEW Hotel, Semiramis Hotel, and Periscope Hotel, as well as NOUS Santorini Hotel in Santorini.

Financials:

Revenue – 2023: €49.6m

EBITDA – 2023: €10.2m

Net Income – 2023: (€0.3m)

The Buyer: Azora manages over 14,500 rooms across 60+ hotels in Europe and the U.S., having invested more than €3.5bn in the sector since 2011. Its hospitality strategy spans premium hotels, urban hostels, and turnaround opportunities.

Advisors: Donkey Hotels (AXIA Ventures Group - exclusive financial advisor, Kyriakides Georgopoulos Law Firm - legal counsel), Azora (Xenios Investment Partners, Watson Farley & Williams, Uría Menéndez, EY, Arcadis, and ANICON Engineering & Management Consultants).

Aquaculture and Aqua Bridge in the battle for Avramar

The Deal: The battle for the rescue of Avramar is entering its final stage, as Greek banks have selected Aqua Bridge as the preferred investor for the company’s restructuring. However, recently, Canadian firm Cooke Aquaculture submitted a competing offer, proposing €0.21 per €1 of debt (up from the initial offer of €0.18), bringing the total consideration to €84m. It is worth noting that Aqua Bridge has already signed an MoU with banks and completed the necessary procedures for acquiring Avramar’s debt.

The Target: Avramar is one of the largest aquaculture companies in the Mediterranean, based in Greece. It focuses on the farming and marketing of fish such as sea bream, sea bass, and red porgy. Its products are sold in major European supermarkets like Lidl, Mercadona, and Auchan, as well as other retail outlets, covering both fresh and frozen fish markets.

Financials:

Revenue - 2023: €340.3m

Adj. EBITDA - 2023: (€13.8m)

Net Income - 2023:  (€96.9m)

Total Debt: c.€450m

The Buyer: Aqua Bridge is an investment and consulting company based in Abu Dhabi (UAE), specializing in aquaculture. It operates across the Middle East and India, investing in hatcheries, aquafeed production, and farm management.

The White Knight: Cooke Aquaculture is one of the largest private aquaculture companies worldwide, headquartered in Canada with operations in 14 countries. It engages in the farming of salmon, sea bass, sea bream, and shrimp.

Advisors: Avramar (Deloitte Greece)

Travelstaytion Raises €3.0m in Strategic Funding Round

The Deal: Travelstaytion, a London-based technology company operating in the short-term rental sector, completed a €3.0 million capital raise. The transaction included a capital increase and debt financing. Investors in the round included Metavallon VC, private investors, and Greek financial institutions.

The Company: Headquartered in London with strong operational ties to Greece, Travelstaytion is a next-generation property management platform that offers a curated portfolio of over 130,000 professionally managed vacation homes across 700+ destinations in 130 countries. The company collaborates exclusively with certified property managers, ensuring high and consistent hospitality standards.

Use of Funds: The proceeds will support Travelstaytion’s international expansion, the launch of advanced product features, and its broader mission to elevate quality standards in the global short-term rental market.

Advisors: Alma Advisors (Financial Advisor)