GREECE Trends and Developments Contributed by: Stefanos Charaktiniotis, Danai Falconaki, Stathis Orfanoudakis and Nadia Axioti, Zepos & Yannopoulos
tain buyer interest. For both strategic and financial acquirers, the winning playbook combines rigorous regulatory choreography, domain-specific technical diligence, and operating models that institutionalise security, export-control and procurement compliance. M&A stakeholders should anticipate enhanced scru - tiny of foreign investment, technology transfer restric - tions and national security clearance requirements as standard features of deal execution in the defence technology sector. Education Finally, the education sector in Greece, which was traditionally out of reach for M&A deal makers due to regulatory constraints and cultural sensitivities, saw a surge in foreign investor interest in 2024, with nota - ble examples including Inspired Education Group’s investment in Moraitis School and Costeas-Geitonas School. Newly enacted Law 5094/2024 further opened the market by introducing non-state universities subject to Ministry of Education supervision, effective from the 2025–2026 academic year. However, while the 2024 surge generated significant interest, deal flow in edu - cation did not maintain the same momentum through 2025. Unlike the TMT, real estate and hospitality, and energy sectors, which demonstrated sustained activ - ity throughout 2025, the education sector experienced limited deal flow, suggesting that the initial wave of strategic acquisitions may have satisfied near-term investor appetite in this newly opened market. Merger Control In a significant development for merger control enforcement in Greece, the Hellenic Competition Commission (HCC), by its Decision No. 887/2025 dat - ed 24 July 2025, prohibited the proposed acquisition by ALPHABET EDUCATION SOLE SHAREHOLDER SA (ALPHABET) of exclusive control over SCHOLES DELTA NORTHERN GREECE SA. This decision marks a notable instance of the HCC exercising its power to block a concentration on substantive grounds fol - lowing a Phase II (in-depth) investigation. The trans - action concerned the consolidation of the two larg - est providers of vocational training services through private Higher Vocational Training Schools (known by the Greek acronym SAEK) in the geographic mar -
kets of Attica, Thessaloniki and Volos. Specifically, the HCC found that the merger would result in the creation of a dominant or super-dominant position (depending on the market) for the combined entity. The new entity would hold very high aggregate mar - ket shares, with a substantial gap between its posi - tion and that of the next competitor. The HCC further noted that the merging parties competed closely on all relevant parameters, maintained the strongest brand reputation and market presence among private voca - tional training providers, and reinforced their posi - tions through significant advertising expenditure. The decision emphasised that effective competitive con - straints could not be expected from either existing or potential competitors, nor from public SAEKs, due to insufficient competitive pressure. Consequently, the HCC determined that the concentration would elimi - nate ALPHABET’s most significant competitor, create an undisputed market leader, raise barriers to entry for potential competitors and expansion for existing ones, and enable the merged entity to increase prices and In a European market where billion-dollar technology transactions remain limited, an increasing number of tech companies are choosing a different path to growth. Bolt-on acquisitions – smaller, targeted acqui - sitions that extend the capabilities of a company or platform – are emerging as a significant growth lever. Unlike large-scale mergers, bolt-on transactions car - ry lower integration risk. At the same time, they cre - ate operational synergies, making them particularly attractive in an environment where valuation gaps remain significant. reduce service quality. Bolt-On Acquisitions For Greek technology companies, this shift creates a significant opportunity. Software platforms, fintech firms and cybersecurity firms with an international ori - entation are increasingly investing in buy-and-build strategies. A big part of this transactional activity is driven by private equity sponsors and specialised software buyers, targeting sectors such as cyber - security, Software as a Service and regtech, as well as payment infrastructure and data analytics. These investors leverage bolt-on acquisitions to broaden their product portfolios or expand their geographic presence. In this context, Greece represents a cost-
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