Greek M&A is entering a more mature phase. While headline deal values reached record levels in 2025, the market in 2026 is defined less by expansion and more by discipline, selectivity, and execution. At our recent Dealmakers Dialogues Athens event, Angelos Kansiz along with Peggy Diakoumi, Michael Kamparakis, Yannis Loizos, and Dimitris Tsatsanis highlighted how preparation and deal design now carry as much weight as valuation. 

Recent transaction trends reflect this shift. A small number of large deals drove headline growth, while underlying activity has continued at a steadier pace. As in the wider European market, rising aggregate values have not been matched by increased deal volumes. The result is a more measured and considered deal environment.

A more selective market

Selectivity is now a defining feature. Investors are deploying capital more carefully, focusing on businesses with proven cash flows, scalable models, strong governance, and clear growth strategies. A compelling narrative alone is no longer sufficient. Companies must demonstrate operational readiness, organizational maturity and a credible path to value creation.

Preparation has therefore become critical. Transactions increasingly require extended lead times, with management teams and advisors aligning early to ensure readiness before entering the market. As boards, shareholders, and executives gain experience, processes are becoming more institutionalized and expectations more exacting.

Sector interest remains broad but increasingly focused. Energy, infrastructure, banking, and gaming continue to attract strong attention, while defense and dual-use technologies are gaining momentum alongside cybersecurity, logistics and mobility. Adjacent areas such as satellite communications and quantum technologies are also emerging as longer-term strategic plays. In technology more broadly, enthusiasm remains intact, but buyers are applying greater scrutiny to AI-related valuations and growth assumptions.

Creative deal structures bridge valuation gaps

Valuation gaps remain a persistent feature, particularly in the mid-market. Increasingly, however, these differences are addressed through structuring rather than price adjustment.

Earn-outs, deferred consideration, rollover equity, and phased exits are now well-established tools. They allow buyers to share risk while giving sellers exposure to future upside. For founder-led and private equity-backed businesses, staged ownership transitions are proving effective in aligning interests and facilitating deal completion.

Risk mitigation is also evolving. Warranty and indemnity insurance is becoming more widely used beyond larger transactions, supporting cleaner exits for sellers while offering protection for buyers. As these tools become more embedded, deal architecture is becoming more sophisticated.

Execution discipline has emerged as a key differentiator. Dealmakers are placing greater emphasis on project management, sequencing, and maintaining momentum. Regulatory approvals, including foreign direct investment screening, are adding complexity and extending timelines. Identifying critical path issues early and building realistic execution plans is now essential.

Technology as an enabler, not a replacement

Cross-border activity is also shifting in focus. Greek corporates are increasingly pursuing acquisitions to access capabilities, talent, and technology rather than scale alone. Success is judged less at completion and more through integration and long-term value creation.

Technology is playing an enabling role across the deal lifecycle. Artificial intelligence is improving due diligence, document review, valuation analysis, and transaction management by accelerating data processing and surfacing insights. Collaboration tools are also supporting more efficient coordination across increasingly complex transactions.

However, technology is not replacing dealmakers. Judgment, negotiation, and relationship management remain central to successful outcomes. At the same time, concerns around confidentiality, data governance, and accuracy mean robust controls are essential.

Looking ahead, Greek M&A remains well supported by available capital, sustained investor interest, and a steady pipeline of opportunities. But growth alone is no longer the defining feature. Outcomes will increasingly be determined by preparation, precision, and the ability to structure transactions that align interests in a more disciplined and sophisticated market.

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