One more year of low investment activity mainly driven by the disposal of non-core assets by the systemic banks
Our key findings
- Greek companies attracted in total €5.5bn, of which €1.9bn were raised through traded corporate bonds, €1.6bn account for plain vanilla M&As, just €251mn for share capital increases covered by strategic investors and €1.7bn through privatisation proceeds
- 36 M&A deals of €1.6bn total value were completed, with the top 5 M&A deals accounting for 75% of total deal value
- Average transaction value of M&As remained almost stable compared to 2016, excluding Finansbank deal of €2.8bn in 2016
- Disposal of non-core assets by the banks is the main phenomenon, accounting for 49% in terms of deal value
- Share capital increases in 2017 were limited, amounting to €251mn
The picture in 2017 is dominated by Financial Services
The dominant sector in terms of deals value continues to be the Financial Services, followed by Energy, Industry, Pharmaceuticals, Technology and Services. Minority holdings account for 25% of the 2017 deals value.
Forced deals which include disposals of non-core assets, privatisations, as well as distressed deals, have been the main market driver during the crisis
Regular M&A activity is averaging €911mn over the last three years, where forced M&A activity is averaging €2,340mn over the same period.
PwC is the leading global M&A financial advisor and the fourth M&A financial advisor in Europe
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Director, Internal Firm Services, Marketing & Communications, Athens, PwC Greece
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