Last year (2022) was a landmark year for merger and acquisition (M&A) deals among Greek enterprises, PwC Greece said in a report released on Monday, with Greek enterprises raising 12 billion euros from M&A activity, corporate bond issues, share capital increase schemes and privatizations, the highest sum on record, ANA reports.
Kyriakos Andreou, the deputy CEO of PwC Greece, said Greek enterprises exploited the positive dynamics of the economy despite the energy and inflationary crisis and rising interest rates. Focusing on the Greece economy, he said that Greece restored its credibility and investor confidence in the period 2021-2022. However, he said that Greece must preserve the positive momentum and adhere to reforms, fiscal discipline, and timetables set by the Recovery Fund in 2023. He noted that foreign investors showed increased interest in Greek enterprises with the average value of incoming transactions totaling 203 million euros in 2022, up from 138 million in the previous year. “There is a very big interest in Greek assets,” Andreou said.
He pointed out that the strong dynamism of M&A activity will continue this year despite global geopolitical developments, with a number of agreed transactions currently at the final stage of negotiations, led by tourism and renewable energy sources. In addition, privatization will come to the forefront because of the expected listing of the Athens International Airport on the Athens Stock Exchange.
PwC noted a total of 94 M&A transactions worth 10.4 billion euros were made in 2022, up from 4.3 billion in 2021, with the average value of transactions at 110 million euros. The financial services sector (26.2%), food/beverage (22.9%), telecoms and technology (17.8%), and energy (10.8%) attracted the biggest interest.
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