Weekly M&A Debrief (8-14/12/2025)

By Nikos Tsolakis, Stavroula Bichta, and Dimitris Machairas

MATERIALS

1) Titan S.A acquired Traçim Çimento Sanayi ve Ticaret A.Ş.

Titan S.A has signed a SPA for the acquisition of Traçim Çimento, an integrated cement production facility in Western Turkey, for c. €161.8m. The transaction is expected to be completed within the first quarter of 2026 and contributes to the Group’s TITAN FORWARD 2029 strategic roadmap.

Transaction Value: €161.8m

The Target

Traçim Çimento specializes in the production and trade of cement and operates in the Istanbul region. Its plant has an annual production capacity of approximately 2.5 million tons and has the capability to export to neighbouring countries and the US.

The Buyer

Founded in 1902, the TITAN Group is a long-established company in the building materials and infrastructure industry. The Group employs over 6000 people and functions through a vertically integrated production system, maintaining a significant presence across the US and Europe.

ENERGY

1) Iktinos Hellas Divests Renewable Energy Subsidiary ID.E.I. to NANKO for €8.3 Million

Iktinos Hellas S.A. announced the divestment of 100% of its renewable energy subsidiary, IDEI S.A., to Nanko Energia A.B.E.T.E. for a total consideration of €8.3 million. IDEI owns and operates a 22 MW onshore wind asset located in the Drama region of northern Greece. The transaction represents a further step in Iktinos’ strategy to strengthen its financial position and align with its focus on core business activities.

Enterprise Value: €8.3m

EV/EBITDA: 8.3x 

The Target

ID.E.I. S.A. is a Greece-based renewable energy company, established in 2003. The company is headquartered in Drama, Greece.

Revenue – 2024: €1.7m

EBITDA – 2024: €1.0m

Net Income – 2024: (€0.5m)

The Buyer

Founded in 1999, NANKO is a Greece-based company active in the renewable energy sector, with a focus on the development and investment in renewable power projects. The company has established itself as a significant investor in renewable energy in Greece and continues to expand its portfolio in the sector.

2) Revoil Expands Renewable Energy Portfolio with Acquisition of 6 MW Solar Project in Boeotia

Revoil, through its subsidiary Rev Energy Group, acquired 100% of Survey Energy 1 for €1.0m. The acquired entity owns a solar park currently under construction, which is expected to become operational in Q1 2026, adding 6 MW to Revoil’s RES portfolio. The transaction forms part of the Group’s broader strategy to reach 200 MW of installed capacity by 2030.

Transaction Value: €1.0m

Enterprise Value: €1.0m

EV/MW: €166,667

The Target

Survey Energy 1 IKE is the owner of a 6 MW solar park in Boeotia. The project is UC and is expected to be completed in early 2026.

The Buyer

Revoil is a Greek energy group primarily engaged in fuel trading and retail, operating a nationwide network of service stations. The Group is increasingly expanding into renewable energy, aiming to increase its installed capacity from 26,3 MW to 200 MW by 2030.

PHARMATEUTICALS

1) PharmaPath to acquire Innovis Pharma

PharmaPath announced the acquisition of Innovis Pharma, a pharmaceutical portfolio company of VNK Capital. The combined entity will have 450+ employees, thus creating a leader in pharma production and R&D.

The Target

Innovis Pharma is one of Greece’s established full-service healthcare platforms, with a broad, high-quality portfolio spanning generics, branded medicines, medical-device products, OTCs, nutritional supplements and cosmetics.

Net Revenue – 2024: €78.4m

EBITDA – 2024: €13.1m

Net Income – 2024: €3.1m

Leverage – 2024: 0.83x

The Buyer

PharmaPath is a purely Greek pharmaceutical company focused on the development, commercialization, and life-cycle management of high-quality generic medicines.The company operates a fully certified 6,400 m² manufacturing facility in Athens, serving more than 75 clients and exporting to over 45 countries worldwide, while investing heavily in R&D and international expansion

TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

1) Resilience Tech Acquires Majority Stake in Greek Drone Company Flybot

Resilience Tech has acquired a majority stake in Flybot, a Greek provider of drone solutions and unmanned systems services. The transaction strengthens Resilience Tech’s presence in the UAV and broader unmanned platforms market, enhancing its R&D capabilities and supporting regional expansion across Southeast Europe.

The Target

Flybot is a provider of high-performance professional drone–based solutions, enabling individuals, companies, and organizations to achieve project-specific objectives through the use of UAVs. The company operates through a team of experienced pilots, engineers, and global support centers.

Revenue – 2024: €0.17m

EBIT – 2024: €0.02m

Net Income – 2024: €0.01m

The Buyer

Resilience Tech is a Greece-based technology company specializing in defense and space sectors, with a focus on the development, deployment, and support of advanced unmanned systems and aerospace solutions.

2) Greek Investors Bakos and Kaymenaki Lead Rescue of Studio Alpha via Cosmos Studios

Greek investors Nikolaos Bakos and Alexandra Kaymenaki are backing Studio Alpha through their newly established vehicle, Cosmos Studios, as part of a restructuring initiative. Studio Alpha, a longstanding player in Greek film and television production, has filed for court approval to transfer its assets and liabilities to Cosmos Studios, a company formed on November 20, 2025, controlled by Bakos and Kaymenaki. The plan, agreed with the majority of creditors, is set for review by the Athens Multi‑Member Court of First Instance on January 21, 2026, aiming to ensure the company’s continued operations under the new ownership.