Weekly M&A Debrief (31/08/2026-06/09/2026)

By George Moschovis and Theodoros Kouzigiannis

INVESTMENT HOLDINGS

IDEAL Holdings Acquires Remaining 25% of Kymora from Oak Hill Advisors for €118.75m

IDEAL Holdings agreed to acquire from Oak Hill Advisors the residual 25% of Kymora, which holds 100% of Byte Group, 70% of Attica Department Stores and 100% of Barba Stathis, for €118.75m. The transaction value comprises €112.75m in cash and €6.0m in IDEAL shares, against an agreed €475m valuation of the vehicle. IDEAL states the transaction consolidates ownership of its portfolio companies and targets an IRR above 15% and a cash-on-cash return of 2.0x.

Transaction Value: €118.75m

Implied Enterprise Value: €475.0m

The Target

Kymora is the corporate vehicle through which IDEAL Holdings holds its investment portfolio, comprising 100% of Byte Group, the information technology platform of Byte, ADACOM, IDEAL Software Solutions and BlueStream Solutions; 70% of Attica Department Stores, the department store operator listed on Euronext Athens; and 100% of Barba Stathis, the frozen vegetables and branded fresh salads producer.

The Buyer

IDEAL Holdings is a Greek investment holding company listed on Euronext Athens, acquiring and managing controlling participations in Greek businesses across information technology, department store retail and food.

Revenue – LTM 30.06.2026: €539.7m

EBITDA – LTM 30.06.2026: €70.6m

Net Income – LTM 30.06.2026: €15.6m

TECHNOLOGY

Motor Oil Acquires Minority Stake in Satori Analytics

Motor Oil acquired a minority stake in Satori Analytics, an artificial intelligence and data solutions provider. The transaction aligns with the buyer's strategy to invest in advanced technologies and support its broader digital transformation initiatives across the energy sector.

The Target

Satori Analytics provides artificial intelligence and data utilization solutions across Southeastern Europe. The company employs c. 125 engineers.

Revenue – 2025: €3.7m

EBITDA – 2025: €1.8m

Net Income – 2025: €1.4m

Net Debt – 2025: (€1.5m)

The Buyer

Motor Oil is an energy group operating in Southeastern Europe. It exports to more than 70 countries and maintains an ongoing investment programme.

Revenue – 2025: €11.5bn

EBITDA – 2025: €1.1bn

Net Income – 2025: €700m

Net Debt – 2025: €1.6bn

Leverage – 2025: 1.45x

AGRICULTURE

UBM Completes Acquisition of 65% of ELVIZ

UBM acquired a 65% majority stake in ELVIZ, a Greek animal feed producer. The transaction structure entails the buyer acquiring the remaining 35% stake in the target by 2029. The acquisition enables the buyer to establish a strategic base in Greece for further expansion across the Southeastern European markets.

The Target

ELVIZ is a Greek company active in the production of animal feed for poultry, pigs, and ruminants. The company operates with an annual production capacity of c.0,3m tons.

Revenue – 2025: €18.3m

EBITDA – 2025: €1.7m

Net Income – 2025: (€0.9m)

Net Debt – 2025: €2.9m

Leverage – 2025: 1.71x

The Buyer

The UBM Group is one of Hungary’s largest crop trader and manufacturer and distributor of compound feed, which has been an active player in the Hungarian feed industry for more than 27 years.

Revenue – 2025: HUF239.9bn (€607.4m)

EBITDA – 2025: HUF5.4bn (€13.6m)

Net Income – 2025: (HUF0.6bn) (€1.5m)

Net Debt – 2025: HUF31.1bn (€78.6m)

Leverage – 2025: 5.78x

*Financial year ended 30 June 2025. Converted at c.395 HUF/EUR.

ENERGY

AKTOR Renewables Acquires 100% of Aliakmonas 1 and Aliakmonas 2

AKTOR Renewables, a subsidiary of AKTOR, signed a share purchase agreement on 3 September 2026 for 100% of Aliakmonas 1 and Aliakmonas 2, each the vehicle of a pumped-storage project in Western Macedonia with combined licensed capacity of 1,044MW injection and 1,050MW absorption. The consideration was undisclosed; total investment to full development is estimated at €1.2bn over c.6 years, funded by equity and financing. AKTOR states the transaction forms part of its growth planning in energy and construction.

The Target

Aliakmonas 1 is the vehicle of the Flampouro project, licensed for electricity storage of 450MW maximum injection capacity and 450MW maximum absorption capacity.

Aliakmonas 2 is the vehicle of the Trani Rachi project, licensed for 594MW maximum injection capacity and 600MW maximum absorption capacity.

The Buyer

AKTOR is a Greece-based construction and infrastructure group listed on the Athens Stock Exchange, operating across construction, concessions, and renewable energy. Through its subsidiary AKTOR Renewables, the group has been building a diversified portfolio of renewable energy and storage assets.

Revenue – 2025: €1,400m

Adj. EBITDA – 2025: €207.0m

Net Income – 2025: €15.1m

Net Debt – 2025: €1,024.7m

Leverage – 2025: 4.95x  

RUMOURS AND OTHER DEVELOPMENTS

1)     METLEN and Salamina Shipyards Reported to Be Seeking Subcontractor Roles in Sweden's FDI Frigate Programme

According to crisismonitor.gr, METLEN and Salamina Shipyards intend to bid for subcontracting work on the four FDI frigates ordered by Sweden from Naval Group on 31 August 2026, building on their existing roles in the Greek and French programmes. Neither company nor Naval Group has confirmed any award.