Weekly M&A Debrief (29-4/1/2025)

By Nikos Tsolakis, Stavroula Bichta, and Dimitris Machairas

REAL ESTATE

1) Dimand Sells Minion Property for €36.7m

Dimand completed the sale of its wholly owned subsidiary Alkanor M.A.E. to ABINVEST, a subsidiary of Alpha Bank, for a consideration of approximately €36.7m. The sale price was determined based on the net asset value method, while Dimand’s total investment in the project was significantly lower than the final consideration, highlighting the value generated from the development and subsequent divestment of the assets. 

2) Trastor Acquires Militos for €53.7m

Trastor acquired Militos, the owner and operator of a state-of-the-art 74,829 m² logistics warehouse located in Aspropyrgos. The total consideration amounted to €53.7m, increasing Trastor’s real estate portfolio to over €800m.

Transaction Value: €53.7m

Enterprise Value: €53.7m

The Target

Militos is the owner and operator of a state-of-the-art logistics and distribution center in Aspropyrgos, with a total leasable area of 74,829 sq.m., fully leased to Sklavenitis and targeting LEED Gold certification. The asset is among the largest standalone distribution centers in Greece and the wider Balkan region, featuring modern specifications and strong sustainability credentials.

The Buyer

Trastor REIC is the first real estate investment company established in Greece under Law 2778/99 and is listed on the Athens Stock Exchange (TRASTOR:GA). The company invests in high-quality real estate assets, leveraging active asset management and an experienced local team to deliver attractive long-term returns to shareholders.

TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

1) Qualco Completes Full Acquisition of D.D. Synergy in €3.5m Deal

Qualco S.A has acquired the remaining 49.9% stake in D.D. SYNERGY S.A. for €3.5 million, bringing its ownership to 100% and turning the company into a wholly owned subsidiary. Previously, in April 2024, Qualco had purchased a 50.01% majority share of D.D. Synergy. 

Enterprise Value: €7.01m

EV/EBITDA: 7.22x

EV/Sales: 1.29x

The Target

D.D. SYNERGY was founded in 1999 and, with a primary focus on SAP software, provides comprehensive solutions in both software and hardware, including implementation, customization, application development, support, and training services. The company is a Value Added Reseller of SAP software and holds SAP Gold Partner status.

Revenue – 2024: €5.4m

EBITDA – 2024: €1.0m

Net Income – 2024: €0.6m 

The Buyer

Qualco Group S.A. provides information technology and software solutions and platforms. The Company offers the development, distribution and support of advanced software products and business solutions, including cloud-native platforms; software solutions in the wider credit management space, including next generation, proactive and tailor-made debt management software; managing credit claims; operations digitalization services across banking and non-banking sectors; receivables management and collection, underwriting and portfolio analysis, as well as real estate asset management.

Revenue – 2024: €184.0m

LTM Adj. EBITDA: €42.0m

ENERGY

1) Aktor Group Acquires Majority Stake in Sun Force Two

Aktor is set to acquire a 51% stake in Sun Force Two, which owns solar parks with installed capacity of 140 MW and a development pipeline of 200 MW. The transaction will effectively increase Aktor’s renewable energy portfolio to c.380 MW, strengthening its positioning in the Greek RES market.

The Target

Sun Force Two is a Greek renewable energy investment vehicle focused on the ownership and operation of (PV) assets across Greece, with an installed capacity of 140 MW. The company also has a development pipeline of 200 MW.

The Buyer

Aktor is a leading Greek construction and infrastructure group with a strong track record in delivering large-scale transport, energy, environmental, and building projects across Greece and selected international markets.The company also maintains exposure to concessions, renewable energy, and real estate-related activities, positioning itself as an integrated infrastructure platform.

Revenue – 2024:€1.3bn

EBITDA – 2024: €89.0m