GREECE Trends and Developments Contributed by: Claire Pavlou, Katerina Tzamalouka and Angeliki Papadaki, Kyriakides Georgopoulos Law Firm
ing consolidation – standing as the largest energy transaction ever recorded in Greece and a land - mark deal for the broader European renewables market; • gaming sector – the merger of Intralot with Bally’s International Interactive Business, valued at EUR2.7 billion, underscoring the growing strategic importance of Greek gaming operators as consoli - dation targets in the global gaming industry (look - ing further ahead into 2026, the anticipated com - pletion of the business combination between OPAP and Allwyn – valuing the combined entity at EUR16 billion and creating the second-largest listed gam - ing entertainment company globally – will define the corporate calendar and generate significant legal, regulatory, and capital markets work across multiple jurisdictions); • technology sector – the announced acquisition of a majority stake in Skroutz – the leading online marketplace in Greece – by funds managed by Blackstone, the world’s largest alternative asset manager, from CVC Capital Partners Fund VII, which is expected to close in the second half of 2026, subject to regulatory approvals; the trans - action marks one of the most significant private equity investments in Greek technology to date and reflects growing international institutional appetite for market-leading digital platforms with dominant positions in high-growth Southern Euro - pean markets; and • hospitality and real estate – the acquisition by a leading Greek shipowner of the Four Seasons Astir Palace Hotel in Vouliagmeni – a landmark coastal resort comprising two five-star hotels on the Ath - ens Riviera – bringing one of Greece’s most iconic hospitality assets into full private ownership. Beyond the ultra-luxury segment, mid-market hospi - tality transactions demonstrated equal vitality. A nota - ble example was the strategic partnership between a renowned entrepreneurial Greek Cypriot Family and Donkey Hotels and Resorts and funds managed by AZORA, through which the parties formed a closed- ended joint venture to own, manage, and upgrade a portfolio of Greek hospitality assets. This volume and diversity of transactional activity reflect both the increased attractiveness of Greek
assets and a broader shift in investor confidence, underpinned by the country’s achievement of invest - ment-grade credit status. Yet this dynamic environment also brings complex - ity. Deal timelines have extended considerably, driv - en by heightened regulatory scrutiny, more rigorous due diligence requirements, and persistent valua - tion gaps between buyers and sellers. Transactions that advance to late stages are failing to complete at higher rates than in previous cycles, a trend consist - ent with broader EMEA market conditions. For clients, this underscores the importance of comprehensive pre-deal preparation, robust structuring, and early engagement with experienced local counsel capa - ble of navigating both the commercial and regulatory dimensions of each transaction. The medium-term outlook remains cautiously opti - mistic, particularly in the mid-market segment, where inbound investor interest is sustained and family- owned businesses are increasingly exploring strate - gic alternatives. Sectors such as technology, hospi - tality, healthcare, and renewable energy are expected to continue generating deal flow, while Greece’s improved macroeconomic fundamentals and regula - tory clarity make it well-positioned to attract assets offering visible cash flows and long-term strategic value. Notwithstanding the generally positive medium-term outlook, several geopolitical risks and sustained inflationary dynamics are likely to weigh on economic performance. Higher energy prices are anticipated to erode household purchasing power and slow private consumption growth. Consumer price inflation is pro - jected to accelerate from 2.9% in 2025 to 3.7% in 2026, driven by rising energy expenditure, robust domestic demand and wage pressures, before moderating to an estimated 2.4% in 2027 as energy markets stabi - lise. Government measures, such as tax cuts, public sector wage increases and energy support policies, are expected to ease some pressure. Concurrently, imports will likely stay high, reflecting the high import content of ongoing investment activity. However, risks remain if the energy crisis deepens, impacted also by the recent geopolitical developments in the Middle
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