GREECE Law and Practice Contributed by: Stefanos Charaktiniotis, Danai Falconaki, Stathis Orfanoudakis and Nadia Axioti, Zepos & Yannopoulos
Zepos & Yannopoulos 280 Kifissias Ave. 152 32 Halandri
Athens Greece
Tel: +30 210 6967 000 Email: info@zeya.com Web: zeya.com
1. Trends 1.1 M&A Market
1.2 Key Trends Technology and innovation have been key drivers of M&A activity in Greece in recent years. Clear mani - festations of this trend are the shift from traditional business models, the increased focus on technol - ogy as a component of both M&A work streams and deal-making strategies, and the growing use of GenAI tools throughout the M&A life cycle. AI, in particu - lar, is accelerating strategic change across the M&A landscape, fundamentally reshaping deal strategy and execution. AI-powered due diligence and automated contract analysis are rapidly becoming strong com - ponents of sophisticated M&A processes. Corporate transformations and restructurings are also taking place at an increased pace. Market players are utilising these tools as part of their overall M&A strate - gies, including divestitures, demergers and spin-offs, to facilitate more efficient deal structures. Despite the upturn in deal activity observed in 2025, deal timelines have significantly extended, and an increasing number of transactions are being aborted even after prolonged negotiations. Enhanced regula - tory scrutiny, more rigorous due diligence processes and persistent macroeconomic uncertainties have contributed to protracted deal execution periods, while a few deals that progress to advanced stages ultimately fail to complete. Finally, a notable new trend in Greece which is expect - ed to further intensify the regulatory scrutiny is the introduction of the national foreign direct investment (FDI) screening regime under Law 5202/2025. This framework establishing screening mechanisms for investments in sensitive and particularly sensitive
During the past 12 months, the Greek M&A market showed a considerable pick-up in deal pace mirror - ing a broader global upturn in M&A activity. Despite global headwinds, Greece saw a significant increase in both the number of transactions and the total value of deals. Several landmark deals in the technology and gaming sectors drove substantial value, yet the vibrant mid-market remains the true backbone of Greek M&A activity, sustaining deal volume and long- term market growth. In terms of highlight sectors, technology-driven deals led the way measured by volume, while the gaming, energy and hospitality sectors contributed a sub - stantial portion of total value. The Greek M&A market continues to capitalise on the ongoing digitalisation of business models and the rapid development of innovative tools which are experiencing exponential growth fuelled by the hype around GenAI. Concurrently, the capital markets proved instrumental for Greek corporates. Initial public offerings, equity fundraisings and corporate bond issuances attract - ed oversubscribed interest, underscoring renewed investor appetite for Greek assets. The country’s pro - longed period of stability and the transformation of its economy, which culminated in Greece’s return to investment grade in 2023, has significantly benefited M&A activity and is expected to continue to do so. The outlook for 2026 appears optimistic, particularly in the mid-market segment, where investor activity remains robust and family-owned businesses increas - ingly explore strategic alternatives.
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