Deals in Greece 2016

Apart from the liquidation of non-core assets of the systemic banks, 2016 was another year of very low M&A activity

In 2016, 38 M&A deals of €4.4bn total value were completed, almost tripled compared to 2015, of which the five largest M&A deals reached €3.8bn.

The economic uncertainty persists in 2016 with the privatisation program to be delayed and the second assessment not completed as expected. The M&A market in Greece is very shallow and the exit from the recession is not yet visible. The very small transaction sizes and the very few international deals give the rhythm. 
 

Key points:

  • Greek companies in 2016 attracted in total €4.4bn, of which 75% referring to sales of non-core assets from the systemic banks, as well as €1.6bn through international tradeable corporate bonds
  • 152% was the increase of the average deal size from 2015 to €116mn in 2016
  • Privatisation revenues recorded a small rise during 2016, reaching €500mn with a target of €1.3bn
  • The economic climate in Greece will remain stable for the Greek M&As during 2017, however there could be an improvement in 2018

PwC was the leading global M&A financial advisor in terms of deal volume and the third M&A financial advisor in Europe in terms of deal value in mid cap transactions (<$250mn).