Seven Years of Restructuring – The Mega Deals That Reshaped the Greek Economy

From bailout exit to investment magnet – How Greece redefined its business landscape

Since exiting the bailout programs in 2018, Greece has entered a new economic era, marked by bold strategic moves and a wave of investments. From large-scale privatizations and major M&As to strong foreign investor interest, the Greek market has transformed into a reliable and attractive destination for capital.

Let’s explore some of the most impactful business deals that have shaped the landscape during the post-bailout period.

Key Strategic Transactions (2018 – 2025)

Banking & Financial Sector

• Ethniki Insurance (National Insurance): In 2020, CVC Capital acquired a 90.1% stake from National Bank of Greece (valued at €505M). Recently, a new deal with Piraeus Bank (valued at €600M) is close to completion.
• UniCredit – Alpha Bank: Following the HFSF’s withdrawal, UniCredit seized the opportunity by acquiring a 20% stake (starting from 9% in 2023), deepening its presence in Greece.
• Eurobank – Hellenic Bank: Eurobank completed a €1.3B acquisition, becoming the largest banking group in Cyprus.
• Attica Bank – Pancretan Bank: Merged under the guidance of Exarchou, Bakos, and Kaymenakis, forming a strong non-systemic banking group with possible expansion to Malta via HSBC Malta.
• Optima Bank: Born in 2019 through the transformation of the Investment Bank of Greece by the Vardinogiannis Group, now with total assets of €6.2B.

Business & Industrial Deals

• Metlen – Fairfax: Canadian fund Fairfax invested in Mytilineos’ group in 2022 (initially 4.6%, now 8.34%), becoming the second-largest shareholder.
• Motor Oil – Ellaktor: Strategic alliance in construction and energy, including Anemos and Helector subsidiaries, creating synergies and added value.
• Aktor Group – Intrakat: The same trio entered Intrakat in 2022, acquiring Aktor Constructions & Concessions, repositioning the company across construction, real estate, and energy sectors.

 Energy & Infrastructure

• Terna Energy – Masdar: The 2024 acquisition by UAE’s Masdar was Greece’s largest energy deal ever, valued at €3.2B, with pan-European impact.
• Privatizations: Significant capital inflows came from key asset sales: DESFA, HEDNO, Attiki Odos, Egnatia Odos, Athens International Airport’s public offering, the sale of Hellenic Shipyards, and the state’s full exit from the systemic banks.

Technology & Innovation

• SingularLogic → Acquired by Space Hellas & Epsilon Net
• Byte & Intrasoft → Acquired by Ideal & Netcompany
• Beta Cae → Acquired by US-based Cadence
• Epsilon Net → National Bank of Greece joins shareholder structure
• Blue Stream → Merged with Ideal

Other notable tech moves:

• Entersoft → Investment by Olympia Group
• Benroubi S.A. → Acquired by Quest Group
• Astir Vitogiannis → Sold to Guala Closures

Food & Consumer Products

• Vivartia – CVC: In 2020, CVC acquired Vivartia from MIG. Since then, the fund has restructured its portfolio and put several key brands up for sale.

Telecom

• Wind Hellas – United Group: In 2021, United acquired Wind and merged it with Nova, creating a powerful unified telecom player.

Insurance

• Allianz – European Reliance (2022)
• Generali – AXA Insurance (2021)
• Intracom – Europe Insurance → Creation of Europe Holdings (2024)

 Gaming & Betting

• Stoiximan – OPAP: Full acquisition of Stoiximan by OPAP, securing 100% ownership and reinforcing market leadership.
• Novibet – Allwyn: Czech-based Allwyn (also OPAP’s major shareholder) acquired 51% of Novibet.
• Intralot – Bally’s: A €2.6B mega-deal in the lottery sector is currently unfolding, with developments expected soon.

 Healthcare

• Hellenic Healthcare Group – Pure Health: CVC sold 60% of Greece’s largest private healthcare network to UAE’s Pure Health, in a deal valued at €2.3B. Assets include Hygeia, Metropolitan, Mitera, Lito, Creta InterClinic, City Hospital, and Apollonio.

 Aquaculture

• Avramar: Dominated the consolidation of Greece’s aquaculture sector and remains a key player in the industry’s restructuring.

The 2018–2025 period marked a decisive shift for Greece’s economy. Strategic deals, both foreign and domestic, reinforced stability, boosted competitiveness, and attracted record-breaking investment. Today, Greece is no longer seen as Europe’s economic problem, but rather an investment hub with real growth potential.

Source: pagenews.gr