CEE Legal Matters is proud to introduce the latest in our Comparative Guides series. This one focuses on Litigation in CEE.

Contributed by Kyriakides Georgopoulos.

Papapolitis & Papapolitis has advised Evropi Holdings on the acquisition of a 65% stake in Europa Insurance. 

Lambadarios has advised Halcyon Equity Partners AIFM on its investment in Wheelsys. Kyriakides Georgopoulos advised Wheelsys and its founders Vasilis Devletoglou and Vana Papadimitriou.

Kyriakides Georgopoulos has advised the European Investment Bank and Piraeus Bank as the lenders on structuring and financing the University of Crete Student Accommodation Public-Private Partnership project, awarded to Aktor Group.

Bernitsas has advised J.C. Flowers & Co. on its acquisition of Pepper Advantage Limited. Koutalidis advised Pepper Global on the sell-side.

On the evening of April 1, 2025, the Deal of the Year Awards Banquet brought together, under the same roof, over 200 top-tier lawyers from Central and Eastern Europe's leading law firms and General Counsel from across the region in Prague.

As we near the conclusion of the first quarter of 2025, it is clear that the Greek corporate landscape and M&A market are undergoing significant changes influenced by a variety of economic, regulatory, and social factors. While the M&A sector experienced steady activity over the past two years, its overall momentum was relatively muted, primarily due to geopolitical tensions, social dynamics, and inflationary pressures. However, a much-anticipated increase in traction appears to be on the horizon, making a comprehensive understanding of the current trends and challenges within the market crucial to effectively navigate and track this evolving environment.

On January 24, 2025, the Council of State, Greece’s highest administrative court, issued four landmark judgments. These are Decisions No 146, 147, 148, and 149/2025 of the Council of State in Plenary Session, published on January 24, 2025, and made available to the public on February 5, 2025. The decisions are expected to significantly impact the country’s real estate market.

The increasing frequency and severity of natural disasters pose significant risks to financial markets worldwide. In Greece, a country prone to wildfires, earthquakes, and floods, these challenges are particularly pressing. The performance of Greek banks and financial institutions is often negatively impacted by natural disasters. As a result, they are increasingly focusing on integrating natural disaster risk management into their bond loan structures to enhance financial stability and ensure market resilience.

Over the recent years, Greece has taken significant steps in stabilizing its banking sector, owing to several regulatory reforms and a strengthened capital position of its banks. Moody’s revision of the country’s outlook to “positive” in September 2024 is mainly attributed to the recovery of the Greek banking sector and the country’s strong economic performance.

Kyriakides Georgopoulos, working with Baker McKenzie, has advised Atlas Tapes on the acquisition of 100% of the paid-up share capital of PPM Industries Group from Auctus Capital Partners and the CEO of the PPM Industries group Matteo Pellegrini. Advant Nctm reportedly advised Auctus Capital Partners. PedersoliGattai reportedly advised PPM Industries and Matteo Pellegrini while Pirola Pennuto Zei & Associati reportedly advised Matteo Pellegrini.

Bernitsas has advised Ethniki Holdings Limited on the sale of its 90.01% stake in Ethniki Asfalistiki to Piraeus Bank for a total consideration of EUR 600 million on a 100% basis.

Papapolitis & Papapolitis, working with Paul Weiss, has advised Oak Hill Advisors on its equity investment of up to EUR 115 million in IDEAL Holdings, with a co-investment right for an additional EUR 200 million over the next two years. Sarantitis and Reed Smith reportedly advised IDEAL Holdings.

White & Case has advised Alpha Bank on the partial disposal of a portfolio of real estate assets in Greece. Karatzas Partners reportedly advised Alpha Bank as well. Sullivan & Cromwell and Potamitis Vekris reportedly advised the buyers.

Kyriakides Georgopoulos has advised Piraeus Bank, acting as an advisor, on the merger through absorption of Intracom Properties by Evropi Holdings.

Drakopoulos Senior Associate Sofia Angelakou talks about M&A in Greece in 2025.

The NIS2 Directive is the EU-wide legislation on cybersecurity. It provides legal measures to increase the overall level of cybersecurity in the EU by modernizing the existing legal framework, broadening the scope of covered entities, and specifying high fines (2% or EUR 10 million for essential entities, or 1.4% of global annual turnover or EUR 7 million for important entities), directly involving the board members of covered organizations and holding them accountable for any breach of the legal framework established by the new Directive.