Weekly M&A Debrief (22-28/06/2026)

By Dimitris Machairas and George Moschovis

TECHNOLOGY

DECA Investments Acquires 40% Stake in Dotsoft

DECA Investments, through the fund Diorama II, acquired a 40% stake in Dotsoft, a Greek provider of smart-city and digital transformation software listed on the Euronext Athens EN.A. Growth market. The fund acquired 1,248,000 voting shares directly on 23 June 2026, representing 40% of share capital and voting rights. CEO Anastasios Manos retains a significant holding and continues to lead the company. The investment is intended to support Dotsoft's expansion across existing and new markets, with an emphasis on international growth and private-sector clients.

The Target

Dotsoft is a Greek information technology company headquartered in Pylaia, Thessaloniki, listed on the Euronext Athens EN.A. Growth market since 2023. It develops smart-city solutions, software and digital transformation services, anchored by its SmartisCity data-management platform, and derives the majority of its revenue from public-sector projects in Greece and abroad.

Revenue – 2025: €24.8m

EBITDA – 2025: €9.1m

Net Income – 2025: €6.5m

Net Debt – 2025: €0.1m

The Buyer

Diorama Investments II RAIF is a Luxembourg-domiciled alternative investment fund managed by DECA Investments, a Greek fund manager licensed and supervised by the Hellenic Capital Market Commission. Established in April 2022, it targets majority or large minority stakes in mid-sized Greek companies.

Maggioli Acquires 60% Stake in Collectives

Maggioli, acquired a 60% stake in Collectives, a Greek GovTech company with a large share of the digital services hosted on the gov.gr portal. The three founders retained the remaining 40%. Chief Executive Evangelos Poris stays in his role, while Donato Todisco, Maggioli's Chief International Manager, becomes Chairman. The deal gives Maggioli a client base in Greece and equips Collectives to take its solutions into the more mature markets of the European Union. The group has said it is examining at least two further acquisitions in Greece, intending to use the country as a base for expansion into the Balkans and Cyprus.

The Target

Collectives is a Greek IT company founded in 2013, specialising in large-scale web software and digital transformation solutions, principally for the public sector. Its clients include the General Secretariat of Information Systems, AADE and several ministries, and a substantial part of the services on the gov.gr portal carry its technology.

Revenue – 2024: €7.5m

EBITDA – 2024: €3.6m

Net Income – 2024: €2.8m

Net Debt – 2024: (€5.2m)

The Buyer

Maggioli is an Italian technology and IT group founded in 1905, with operations in Italy, Spain, Greece and Latin America and a workforce exceeding 3,500. It focuses on digital transformation for public-sector and large private organisations across AI, cloud, cybersecurity and IoT, and operates ten research centres, including one in Athens.

Investing For Purpose Invests €0.3m in EdenCore

EdenCore Technologies raised an additional €0.3m in seed funding from Investing For Purpose, bringing the company's total seed financing to €1.2m following Uni.Fund's previously led €0.9m round. The proceeds will support the further development of EdenCore's AI-driven precision agriculture platform, Viewer, and the expansion of the company's impact and ESG framework.

The Target

EdenCore Technologies is an Athens-based agritech company developing AI-powered monitoring and precision-application tools for specialty crops. Its core platform, Viewer, draws on image analysis and proprietary AI models to track crop productivity and health at individual-plant level and integrates with spraying equipment to cut plant-protection input waste.

The Buyer

Investing For Purpose is an Athens-based impact venture capital fund backed by the EIF under the EquiFund II mandate. It invests in purpose-driven ventures across Greece that combine financial returns with measurable environmental, social and educational impact.

FOOD & BEVERAGE

Halcyon Equity Partners Acquires Minority Stake in Mailo's

Halcyon Equity Partners acquired a c.20% minority stake in Greek fast-casual pasta chain Mailo's through the purchase of shares from existing shareholders, including founder Nikos Moutsouroufis and VG Holding. Financial terms of the transaction were not disclosed. The investment is intended to support Mailo's next phase of international expansion, following its recent entry into Canada and planned expansion across North America, while existing shareholders remain invested in the business.

The Target

Mailo's The Pasta Project is a Greek fast-casual restaurant chain specializing in fresh pasta-based street food. Founded in 2019 by Nikos Moutsouroufis, the company operates approximately 50 stores across Greece, Cyprus, Lebanon and Canada, primarily through a franchise model.

Revenue – 2025: €6.6m

EBITDA – 2025: €5m

Net Income – 2025: €3.8m

Net Debt – 2025: (€0.6m)

The Buyer

Halcyon Equity Partners is a Greek private equity firm focused on investing in small and medium-sized businesses with strong growth potential. The firm targets founder-led companies across sectors including consumer, healthcare, technology, business services and industrials, providing growth capital and strategic support to accelerate expansion and value creation.

RUMOURS AND OTHER DEVELOPMENTS

1) Golden Star Ferries Denies Acquisition Reports

Golden Star Ferries denied recent press reports of a possible acquisition of the company, stating that the scenarios do not reflect reality and that it continues to operate normally in line with its business and investment plan. The denial follows market speculation around fleet consolidation on the Rafina–Cyclades routes, where rival Fast Ferries has requested the Hellenic Competition Commission over concentration concerns, citing the prospective sale of part or all of Golden Star's fleet.

2) Fraport-Led Consortium Signs 40-Year Kalamata Airport Concession Agreement

The Fraport AG–Delta Airport Investments–Pileas Holdings consortium signed the 40-year concession agreement for the operation, management and development of Kalamata International Airport at the Growthfund Investor Summit 2026. The agreement provides for an upfront concession payment of €45 million and a €125 million investment programme aimed at upgrading the airport's infrastructure, increasing capacity and enhancing passenger services. The project marks another milestone in Greece's airport privatization programme and is expected to strengthen the region's tourism and international connectivity.

3) AKTOR Continues to Evaluate Investment Opportunities, but No Deal Has Been Agreed

AKTOR Group (AKTOR) confirmed that it continues to systematically evaluate potential investment opportunities as part of its broader strategic growth plan, following recent market speculation regarding possible corporate transactions. However, the company clarified that no definitive decision or binding agreement has been reached that would require disclosure to the investment community. The announcement, issued in response to a request from the Hellenic Capital Market Commission, indicates that while AKTOR remains active in assessing new investment opportunities, there is currently no transaction at an advanced stage.