Selling a Business in Athens
Athens is the business capital of a country with some genuinely exceptional economic characteristics: the world's most significant commercial shipping industry, one of Europe's most visited tourism destinations, outstanding renewable energy potential, and a food and beverage sector with internationally recognised premium products. After a decade of extraordinary difficulty, Greece's business environment has recovered substantially — and international buyer interest in Greek assets has returned at scale.
The Athens mid-market M&A landscape in 2026
The Greek M&A market has undergone a structural change since the depths of the 2010-2018 crisis period. The most visible early wave of transactions was distressed — NPL portfolios, asset sales by over-leveraged business groups, and privatisations driven by troika requirements. That phase is largely complete. What has replaced it is more orthodox M&A activity driven by business quality and strategic rationale rather than seller distress.
The buyer universe for Greek businesses has diversified substantially. Middle Eastern sovereign wealth funds and family offices — particularly from the Gulf — have built significant Greek real estate and hospitality portfolios. US private equity has been active across sectors. European strategic acquirers have returned to the market as the macro risk premium on Greek assets has reduced. Chinese and broader Asian buyers remain interested in shipping-related businesses and port infrastructure.
Shipping continues to generate distinctive M&A activity that differs from most European markets. Greek shipowners typically operate through complex multi-vessel, multi-jurisdiction corporate structures, and transactions involving shipping companies or maritime services businesses require advisers with specific knowledge of the sector's commercial and legal architecture. The international character of shipping means transactions routinely involve jurisdictions outside Greece — Marshall Islands, Cyprus, Liberia — as holding structures.
For business owners considering a sale, the current moment in Greece is genuinely interesting. Valuations have recovered to levels that reward sellers, the buyer universe is wider than it has been for many years, and the post-crisis economic environment has created a generation of businesses that have been tested under genuinely difficult conditions — which paradoxically makes them more attractive to sophisticated buyers seeking resilience.
Key sectors driving Athens M&A
Athens' economy spans shipping, tourism, real estate, renewables, food and beverage, and a growing technology sector. Here is what buyer appetite looks like across each in 2026.
Shipping & Maritime Services
Greece controls an extraordinary portion of the world's commercial shipping fleet — by some measures, Greek shipowners operate more than 20% of global shipping tonnage. Athens, and specifically Piraeus, is the operational and commercial heart of this industry. Maritime services businesses — ship management, crewing, technical management, brokerage, marine insurance services, and port logistics — attract consistent buyer interest from global shipping groups, private equity funds with maritime mandates, and Asian buyers seeking Greek operational expertise. The shipping sector's global character means transactions routinely cross multiple jurisdictions.
Tourism & Hospitality
Greece is one of the world's top ten tourism destinations, and the hospitality sector is a primary driver of M&A activity. Hotel portfolios in Athens, the Greek islands, Crete, Rhodes, and the Peloponnese have attracted capital from Middle Eastern sovereign wealth funds, US private equity, and pan-European hospitality groups. The Greek tourism market has demonstrated consistent demand growth for over a decade, with no structural ceiling yet visible. Boutique hotel groups, resort operators, villa rental platforms, and tourism experience businesses are all active M&A targets. Real estate ownership alongside operating business significantly enhances valuations.
Real Estate
Greek real estate has undergone a substantial recovery from the decade-long post-2009 crisis period. Athens commercial real estate — office, retail, logistics — has attracted institutional investors as yields remained above Western European equivalents even as quality improved. Residential development, particularly in tourism-adjacent coastal areas, has been driven by the Golden Visa programme. Real estate services businesses — property management, development advisory, facility management — are seeing consolidation as international groups build Greek platforms. The REIC (Real Estate Investment Company) structure offers a specific vehicle for institutional real estate investment.
Renewable Energy
Greece has set ambitious renewable energy targets and has significant natural advantages: among Europe's highest solar irradiation levels and strong wind resources, particularly in the Aegean. Solar, wind, and hybrid renewable development projects have attracted major European energy groups, infrastructure funds, and specialist renewable developers. Greek energy businesses — from development platforms with project pipelines to operational asset portfolios — are among the most active M&A targets in the country. The regulatory framework has improved significantly, reducing development risk for buyers.
Food, Beverage & Agriculture
Greek food and beverage products command genuine international premium — olive oil, feta and specialty cheeses, Aegean fish and seafood, Greek wines, and honey. International acquirers — particularly from the Middle East, the US, and Northern Europe — seek established Greek food brands with export distribution. The sector has modernised substantially, with a new generation of founders building businesses around premium product positioning and international e-commerce distribution. Agricultural and food processing businesses with certifications (PDO, PGI, organic) attract the strongest buyer interest.
Technology & Business Services
Greece's technology sector has grown from a relatively modest base to a genuinely active ecosystem, driven by strong STEM university output, a diaspora of internationally experienced Greek technologists returning to Athens, and a cost base significantly below Western European peers. Athens-based software businesses, IT services companies, and fintech ventures are attracting interest from European technology groups and PE funds with Southern European mandates. The sector benefited from accelerated digitalisation during the post-crisis recovery period, and businesses serving Greek financial services, logistics, and retail clients have built defensible positions.
Greek-specific considerations when selling your business
Selling a Greek business involves legal, regulatory, and tax considerations that are specific to the jurisdiction and have evolved significantly through the post-crisis reform period. Here is what founders in Athens need to understand.
Greek Corporate Structures: AE and EPE
Greek businesses most commonly use the Anonimi Etairia (AE — Ανώνυμη Εταιρεία), equivalent to a joint-stock company, or the Etairia Periorismenis Efthinis (EPE — Εταιρεία Περιορισμένης Ευθύνης), equivalent to a limited liability company. The IKE (Idiотiki Kefalaiouchiki Etairia), introduced in 2012, is an increasingly popular simplified private company structure. Share transfers in an AE are generally straightforward; EPE quota transfers require a notarial act. Greek corporate law was reformed comprehensively in 2018 (Law 4548/2018) for AE structures, and buyers will review governance documents carefully under the new framework.
HCMC & Listed Company Regulation
The Hellenic Capital Market Commission (Επιτροπή Κεφαλαιαγοράς) regulates the Athens Stock Exchange (ATHEX) and listed companies. For businesses listed on ATHEX, Greek takeover law (Law 3461/2006, implementing the EU Takeover Directive) applies — including mandatory bid thresholds at 1/3 of voting rights and squeeze-out at 90%. HCMC also regulates investment firms, fund managers, and certain financial intermediaries. Change of control in regulated entities requires HCMC notification and approval. For non-listed businesses, the Hellenic Competition Commission reviews mergers meeting Greek thresholds.
Competition Commission & Merger Control
The Hellenic Competition Commission (Επιτροπή Ανταγωνισμού) reviews mergers meeting Greek notification thresholds: combined Greek turnover above €150M with at least two parties each having Greek turnover above €15M, or either party having a Greek market share above 25%. The Commission has increased its activity in recent years and has been involved in several significant merger reviews across sectors including media, retail, and services. Greek merger filings run alongside any EU Merger Regulation review where applicable, and early clearance assessment should be a standard process step.
Greek Taxation & Capital Gains on Share Sales
Greece imposes capital gains tax of 15% on profits from the transfer of shares of unlisted companies for individual shareholders — a rate that has been relatively stable following significant tax reform over the post-crisis period. Transfer of listed shares is generally exempt from capital gains tax for individuals. For corporate sellers, gains are included in taxable income at the standard 22% corporate income tax rate (reduced from 29% during the crisis period). Real estate transfer taxes are a separate and material consideration for transactions with significant real property. Greek tax law has been in substantial reform since 2010, and specialist Greek tax advice is essential — particularly where cross-border holding structures are involved.
What Athens buyers are looking for right now
Athens' buyer market in 2026 is characterised by a diverse and international buyer universe with specific sector expertise. Middle Eastern and Asian buyers are building Greek tourism and real estate positions. European energy groups are competing aggressively for renewable development assets. International strategic acquirers seek shipping and maritime services capabilities. And a growing cohort of PE funds with Southern European mandates is looking for quality Greek businesses across multiple sectors.
Resilience demonstrated through the crisis cycle
Greek businesses that survived and maintained profitability through the 2010-2018 crisis period have demonstrated earnings resilience that most European businesses have never been tested against. Buyers — particularly those with long investment horizons such as sovereign wealth funds and infrastructure investors — price this resilience positively. The ability to document pre-crisis, crisis, and recovery financial performance is a genuine asset in process positioning.
Tourism assets with real estate component
The combination of hospitality operations and real property ownership is the most consistently sought-after structure in Greek tourism M&A. Buyers want operational cash flow and real estate appreciation — and are willing to pay a significant premium for the combined asset over a pure operating business without underlying property. Hotel, resort, and villa portfolios that combine both attract the widest buyer universe.
Renewable energy with permitting clarity
Renewable energy development has historically been complicated by permitting delays and grid connection constraints in Greece. Buyers — whether infrastructure funds or energy strategics — focus intensely on permitting status, grid connection certainty, and route-to-market clarity. Projects with clear permitting paths and established regulatory positions command substantially higher values than early-stage development assets with uncertain timelines.
Shipping businesses with institutionalised operations
The Greek shipping industry has historically been characterised by closely-held family businesses with informal governance. Buyers — particularly PE funds and international acquirers — value businesses that have professionalised: institutionalised management, formal financial reporting, written contracts, and governance structures that do not depend on a single individual's relationships. Shipping businesses that have taken these steps are significantly more transactable.
Considering selling your Athens business?
We offer an initial confidential consultation at no charge and without obligation. We will give you an honest assessment of what your business is likely worth in the current market, what a sale process would look like, and whether the timing is right. If it is not the right time, we will tell you that too.