GREECE Trends and Developments Contributed by: Stefanos Charaktiniotis, Danai Falconaki, Stathis Orfanoudakis and Nadia Axioti, Zepos & Yannopoulos
Recent transactions in this sector have featured vari - ous structures, including debt-to-equity conversions as part of broader restructuring arrangements. Finan - cial institutions with significant lending exposure to healthcare groups have leveraged these positions to acquire equity stakes or full ownership of target companies. This vertical integration trend reflects a fundamental shift in the Greek healthcare M&A land - scape. As insurers and banks seek to address the challenges posed by limited competition among healthcare providers and rising premium costs, the direct acquisition and integration of healthcare assets into their operations is expected to continue. Market participants should anticipate further consolidation as financial institutions and insurers pursue strategies to transform from passive payers into active managers of healthcare delivery and costs. Capital markets Capital markets activity proved equally significant for Greek companies throughout 2025, reflecting a broad - er revival of investor enthusiasm for Greek assets – a trend supported by the country’s achievement of investment-grade credit status. The groundwork for this resurgence was laid in early 2024, when Athens International Airport completed its IPO, the largest in Greece in 15 years, generating EUR785 million in pro - ceeds. That transaction catalysed a wave of public market activity, with seven subsequent IPOs and list - ings emerging after what had been the weakest year for global IPOs since 2009. This trajectory continued into 2025, highlighted by significant equity offerings from Aktor, Europa Holdings and Qualco, alongside substantial corporate bond placements by Aegean Airlines, Lamda Development and GEK Terna. The structural foundations of the Greek public markets have also been reinforced by Euronext’s acquisition of ATHEX and the anticipated upgrade by MSCI, devel - opments that – together with Greece’s investment- grade standing – point to strengthened investor con - fidence and improved access to capital. Defence tech Defence technology has transitioned from a niche, policy-sensitive vertical to a mainstream theme in European technology M&A. This evolution is driven by heightened geopolitical risk, structural underinvest - ment in European defence capabilities, and the mat -
uration of dual-use technologies. For acquirers and target companies operating in Greece and through - out Europe, these market dynamics are fundamentally reshaping deal pipelines, due diligence priorities and regulatory execution. European strategic autonomy has become a central policy objective, catalysing investment and consolida - tion across defence-adjacent software and hardware. As public-sector demand modernises, the path from pilot programmes to full production is expected to accelerate, supporting revenue traction essential for M&A and later-stage capital. A defining feature of current transactional activity is the prevalence of dual-use propositions. Companies rooted in commercial software, robotics, materials or space services are securing defence contracts while preserving civil market exposure. This dual-track revenue profile broadens the potential acquirer pool beyond traditional prime contractors to include cyber and industrial software consolidators, aerospace and electronics suppliers, and investors with experience in regulated markets. Greece is positioning itself as a credible hub in this landscape, combining sustained defence outlays with institutional reform to create market pull. The country allocates roughly 3% of GDP to defence and has announced multibillion-euro modernisation pro - grammes over the coming decade. To channel that demand into innovation and domestic capability, the Hellenic Centre for Defence Innovation was estab - lished as a state-backed co-ordinator for defence R&D, commercialisation and EU programme partici - pation. The pipeline for European defence-tech M&A is set to deepen as dual-use targets cross from R&D to repeat - able production and as primes and Tier-1 suppliers accelerate capability acquisition. Consolidation is expected to intensify, alongside increased activity by defence-specialist funds. Buyer focus will centre on AI-enabled defence and autonomy platforms, as well as strategic investments and joint ventures. In Greece, continued investment in aerospace, naval and surveil - lance capabilities, together with growing participation in European collaborative programmes, should sus -
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