GREECE Law and Practice Contributed by: Elizabeth Eleftheriades, Theodore Rakitzis, Angeliki Chalikia and Angelos Charalampidis, Kyriakides Georgopoulos Law Firm
Kyriakides Georgopoulos Law Firm 28 Dim. Soutsou Street Athens Greece 115 21 Tel: +30 210 817 1500 Email: kg.law@kglawfirm.gr Web: kglawfirm.gr
1. Transaction Activity 1.1 Private Equity Transactions and M&A Deals in General Over the past 12 months, the Greek M&A and private equity (PE) market has experienced notable growth, driven by macroeconomic stability, increased foreign investor confidence, and sectoral dynamism. In 2024, deal volume and value reached historic highs, with Greece recording over EUR20 billion in M&A activity. Sectors attracting strong PE and M&A interest include: • technology (particularly software and AI-driven platforms); • renewable energy (notably renewable energy sources and battery energy storage systems); • tourism; • hospitality; • health and insurance services; and • education (both primary/secondary and tertiary education sectors). It should also be stressed that the authors have seen deals with unprecedented value in sectors involving gaming and financial services. Public-to-private deals and cross-border strategic acquisitions have also intensified, particularly in the financial services sector, where systemic bank con - solidation and Hellenic Financial Stability Fund divest - ments have been key developments.
1.2 Market Activity and Impact of Macro- Economic Factors Over the past 12 months, PE activity in Greece has remained resilient and sector-specific, reflecting a measured rebound following broader macroeconom - ic headwinds. Key areas of investor interest include energy (particularly renewables), technology, hospital - ity real estate and business services, with mid-market and niche transactions gaining momentum. Macroeconomic conditions have played a critical role in shaping deal activity. Although interest rates remained elevated into early 2024, the gradual eas - ing of monetary policy by the European Central Bank has improved financing conditions. Additionally, the expansion of private credit markets and a marked reduction in non-performing loans within the banking sector have enhanced access to capital, supporting PE-backed growth and acquisition strategies. Geopolitical stability and ongoing structural reforms – including new legislative incentives for R&D and for - eign investment – have further supported PE invest - ment. The continued deployment of EU recovery funds and Greece’s return to investment-grade ratings have contributed to positive investor sentiment, particularly among regionally focused or sector-specialist funds. Overall, while exit timelines remain extended and global fundraising conditions remain challenging, Greece’s PE market has remained active in strategi - cally aligned sectors and is expected to continue ben - efiting from structural tailwinds and improving macro- financial conditions.
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