Greek M&A has been exceptionally busy due to strong economic growth, increased foreign investment, and a wave of corporate restructurings supported by RRF funding and a flexible legal framework, according to Drakopoulos Partner Mika Lalaouni. Looking ahead, activity is expected to rise further, driven by a growing real estate pipeline and continued interest from European, Middle Eastern, and Asian investors seeking to enter or expand in the Greek market.
CEELM: What’s been keeping the Corporate/M&A practice busy over the last 12 months?
Lalaouni: The upward trend in M&A activity in the Greek market has continued over the last 12 months, building on the robust growth observed since 2021. A significant proportion of this workload has been driven by corporate restructuring, including mergers, spin-offs, and demergers. Companies take these actions to streamline operations, reduce operating costs, isolate core activities, and prepare for future disinvestment. At the same time, foreign groups have consistently acquired majority shareholdings in Greek companies or established joint ventures with local companies in order to enter the local market through well-established market players. Consequently, our practice has been engaged in a wave of inbound M&A transactions, many of which involve complex due diligence, cross-border structuring, and regulatory approvals.
CEELM: What’s been driving that pipeline of work?
Lalaouni: Several factors have driven this strong pipeline of work. According to the annual progress report published in April 2025 by the Ministry of Economy and Finance, in line with the requirements set out in Council Regulation (EU) 2024/1263, the Greek economy has maintained the steady growth achieved in previous years. At the same time, it has exhibited stronger growth dynamics than the European average, which remained modest amid increased uncertainty stemming from global geopolitical tensions. Foreign direct investment inflows increased significantly in 2024, reaching EUR 6.0 billion (2.5% of nominal GDP), the majority of which was directed towards real estate, financial activities, transportation and storage, and manufacturing. Another key driver of transactional activity has been the contribution of the EU Recovery and Resilience Facility. The availability of significant RRF funding – particularly for the green and digital transitions, infrastructure, and innovation – has accelerated corporate restructuring and investment initiatives.
Additionally, the flexible legal framework and tax incentives for corporate transformation have attracted many corporate restructurings. This has prompted companies to restructure in anticipation of investment, divestment, or sector consolidation.
Key industries such as energy – particularly renewable energy sources, technology, telecommunications, logistics, and tourism are receiving significant inbound investment. Foreign strategic investors are increasingly seeking to enter the Greek market quickly by acquiring majority stakes in well-established companies or by establishing joint ventures with local market players, thus benefiting from their existing operational frameworks. This trend is ongoing, leading to numerous cross-border M&A deals and keeping our M&A practice busy with various advisory, transactional, and regulatory tasks.
CEELM: What’s the outlook for the next 12 months? increase/decrease and why?
Lalaouni: Over the next 12 months, the real estate sector's pipeline of work is expected to grow due to an increased flow of real estate owned assets in the Greek market, as well as growing interest from local and foreign investors and family offices seeking investment opportunities in these assets through Greece-based special purpose vehicles. Meanwhile, there is a constant increase in the interest of EU-based companies, as well as those based in the Middle East and East Asia, in investing in Greek enterprises and start-ups, and in expanding their businesses through the Greek business environment and its strategic geopolitical position as a gateway to the European market. These factors are expected to contribute to an increase in M&A activity.
