GREECE Trends and Developments Contributed by: Stefanos Charaktiniotis, Danai Falconaki, Stathis Orfanoudakis and Nadia Axioti, Zepos & Yannopoulos
tory risk will be best positioned to execute transac - tions efficiently and successfully in the Greek market. Sector Hotspots Greece’s M&A market reached unprecedented heights in 2025, setting new records for both transaction vol - ume and deal value. Activity was robust, with landmark transactions at the top end of the market supported by a consistently active mid-market that remains the primary driver of Greek overall deal flow. The technol - ogy sector led in transaction volume, while gaming, energy and hospitality generated outsized value con - tributions – reflecting ongoing strategic repositioning and sustained long-term investment commitments in these industries. In terms of deal value, the casino and lotteries sector dominated 2025 with EUR11.7 billion, primarily driven by the merger of Allwyn with OPAP in an all-share transaction valuing the resulting entity at EUR16 billion equity value and by the merger of Intralot with Bally’s International Interactive Business, valued at EUR2.7 billion. The healthcare and pharmaceuticals sector recorded significant value with PureHealth’s acquisi - tion of a 60% stake in Hellenic Healthcare Group for EUR2.2 billion. Real estate and hospitality The Greek real estate and hospitality sectors have experienced sustained growth in recent years and have emerged as significant drivers of M&A activity in the jurisdiction. Strong tourism performance, reflect - ed in consistently high visitor numbers and extend - ed tourist seasons, has increased investor appetite for hospitality assets, including hotels, resort com - plexes, and properties suitable for short-term rental accommodation. Transactions in this sector are most frequently structured as share deals, whereby the purchaser acquires the shares of a special purpose vehicle holding the underlying real estate asset, rather than acquiring the property directly. This structure is generally preferred for tax and operational reasons, as it may offer tax efficiencies, facilitate the continuity of existing licences and permits, and allow for a smooth - er transition of operational arrangements associated with the property.
A further notable feature of hospitality transactions is the prevalence of ancillary contractual arrangements negotiated in parallel with the main acquisition agree - ment. These often include renovation, construction or development agreements aimed at upgrading or repo - sitioning the asset, particularly where investors seek to reposition legacy hotel properties into higher-end hospitality offerings. In addition, hotel management agreements with internationally recognised operators are frequently put in place in order to ensure profes - sional management and to enhance brand positioning and operational performance following completion. The geographic focus of investor interest has centred on the Greek islands, which remain perennial tour - ism destinations, and central Athens, where urban regeneration and infrastructure improvements have enhanced the city’s appeal. Looking ahead, the con - tinued professionalisation of the Greek hospitality market, coupled with ongoing infrastructure improve - ments and the attractive yield opportunities compared with more mature European hospitality markets, sug - gests that this sector will remain a key contributor to M&A activity in Greece for both domestic and inter - national investors in the near term. Healthcare and insurance The Greek healthcare market is witnessing a sig - nificant shift as financial institutions and insurance companies move away from operating as passive intermediaries and seek to become active managers of healthcare costs through strategic acquisitions of healthcare providers. Several factors are driving this consolidation trend. Insurance companies have traditionally operated as passive intermediaries in their relationships with hos - pitals, paying hospitalisation costs which they subse - quently pass on to policyholders through significant premium increases. By acquiring healthcare provid - ers directly, insurers and parent financial institutions aim to reduce the high cost of managing health insur - ance portfolios, which have historically accumulated losses, and to achieve more effective business growth without the pressure created by limited competition among healthcare providers.
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