Greece’s mergers and acquisitions (M&A) market is proving unexpectedly resilient, even as global geopolitical uncertainty continues to weigh on investor sentiment.
According to PwC Greece, concerns about international instability have yet to translate into canceled deals or stalled negotiations. “We have not seen any transaction being called off, nor have we heard of investors stepping away,” company executives said, highlighting a steady pace of activity.
This marks a notable departure from previous crises, when investment activity in Greece tended to freeze almost immediately. Today, the market appears to be maintaining momentum—albeit with more cautious decision-making.
A milestone year for Greek M&A
2025 stood out as a landmark year for Greece’s M&A landscape, with 181 transactions totaling €23.8 billion. According to analysis by PwC Greece this is not a temporary surge but evidence of a broader transition toward a more mature investment cycle.
A key development is the return of strategic investors, those seeking targeted opportunities rather than making decisions based purely on geography. In one recent transaction under review, seven out of eight potential investors requested detailed data, and all were strategic players. “We are entering a proper investment cycle,” PwC executives noted, adding that interest is now spread across nearly all sectors of the Greek economy.
Greece enters a more strategic phase
This shift reflects Greece’s broader transformation into a more attractive investment destination, according to Nicholas Peyiotis, Territory Senior Partner at PwC Greece. “The Greek economy is becoming more attractive, shifting from a phase of recovery to a more strategic stage,” he said.
The stabilization of the banking system and the economy’s increased resilience are helping sustain deal activity. Tourism, a cornerstone of the Greek economy, remains a critical factor in maintaining this momentum.
Key sectors to watch in 2026
Looking ahead to 2026, PwC expects strong M&A activity to continue, with more than €7 billion in deals already agreed or in the pipeline.
The most active sectors include energy—particularly renewable energy—financial services, technology, industry, and food and beverages. Greek energy companies are expanding abroad, especially in wind power and energy storage projects.
At the same time, foreign investors are turning to Greece in search of similar opportunities.
In technology, consolidation is accelerating, leading to the creation of larger corporate entities. In real estate, investor interest is focused on student housing and serviced apartments. Meanwhile, activity in the food and beverage (F&B) sector is largely driven by private equity funds.
From small deals to “national champions”
Another emerging trend is the rise of both small and mid-sized deals alongside larger transactions. “We are increasingly seeing larger companies acquiring smaller players with the goal of creating national champions,” said George Makripidis, Head of Deals at PwC Greece.
Capital availability is also improving, particularly for deals in the €20 million to €30 million range, while investors capable of supporting transactions up to €150 million are beginning to emerge. These are clear signs of a maturing market.
A “K-shaped” global market
Despite the positive outlook, global uncertainty remains a key risk factor. The ultimate impact will depend on how long the conflict will last and the spillover effects in the EMEA region.
According to Thanassis Panopoulos, partner and deals and strategy leader at PwC Greece, global M&A activity is taking on a “K-shaped” trajectory, with well-capitalized companies continuing to pursue transactions while weaker firms fall behind.
For now, Greece appears to be holding firm. The question remains whether this resilience will prove fleeting or signal a new normal for the country’s M&A market.
