Weekly M&A Debrief (9-15/06/2025)

This week the upcoming acquisition of Dodoni by Hellenic Dairies stands out as a strategic move which will allow the latter to capture additional market share by acquiring an established local leader in the cheese products industry. Other deals include Eurobank acquiring the remaining minority of Hellenic Bank through a squeeze-out process and Flexopack expanding its presence in New Zealand.

Eurobank acquires the remaining shares of Hellenic Bank

Eurobank S.A. has completed the acquisition of 100% of Hellenic Bank shares through a process called a squeeze-out (majority shareholders force minority shareholders to sell their shares). The latter received €4.84 per share in cash, the same price offered during the bank’s IPO. The Cyprus Stock Exchange was notified of the completion and transferred the remaining 8,279,967 shares to Eurobank, which represent a total of 2.006% of Hellenic Bank’s issued share capital.

In July 2021, Eurobank acquired 12.6% of Hellenic Bank’s shares as a first step toward building a significant stake in the Cypriot bank. Eurobank continued increasing its ownership stake by acquiring additional shares in December 2022, April 2023, and June 2024. One month later, the Greek bank launched a mandatory takeover bid for 100% of the bank’s shares, which resulted in Eurobank owning c. 98% of Hellenic Bank by the end of the process. The remaining 2% was acquired through a squeeze-out process this week.

Flexopack acquires a minority stake in Progressive Plastics.

Flexopack, a plastics manufacturing company based in Koropi, Greece, recently announced that, as part of its strategy to strengthen its presence in New Zealand, its subsidiary Flexopack NZ Limited has acquired a 34% minority stake in Progressive Plastics Limited (PPL). PPL is a packaging materials producer based in Dunedin, New Zealand.

The acquisition is valued at around NZD 630k., which at the current exchange rate is roughly € 330k, resulting in a valuation of € 970,6k for the target. As mentioned previously, the move aligns with the company’s objective to expand internationally through its distribution network.

Hellenic Dairies nears Dodoni acquisition

Hellenic Dairies is set to sign the SPA for the acquisition of Dodoni by the end of June, as the company aims to complete the deal by year-end after receiving regulatory approval. The acquisition will significantly boost Hellenic Dairies’ revenue as it is projected that the pro forma company’s sales will be just short of € 900mn. in 2025. If the observed growth trend continues for the next couple of years Hellenic Dairies’ revenue will surpass € 1bn. threshold, with approximately 70% of that coming from exports. The group is no stranger to the cheese products market, as cheese products accounted for c. 25% of its sales in 2024. The buyer should ensure a smooth integration of Dodoni’s activities to realize certain synergies and market share increase in the cheese products market.

GreekMergers will provide further coverage of the transaction.