According to Bain & Company’s latest semiannual M&A report, the current wave of uncertainty represents the third major shock to the market in the past five years — following the pandemic crisis and the shock of high interest rates.
The report highlights that the “tariff shock” fundamentally differs from previous disruptions. Many executives, now more experienced and better prepared, are leveraging lessons learned from recent crises to pursue bold and targeted strategic moves. The impact is already visible: the total transaction value has increased by 14% compared to the same period in 2024.
Although mega-deals — especially in the U.S. — are slowing down, mid-sized transactions are robust, with Europe and Asia showing stability or slight growth. Moreover, the effect of tariffs on deals remains limited, at least for the time being.
Bain attributes this sustained momentum to the readiness and adaptability of industry leaders, who have learned to manage volatility with greater agility. Strong buyers have adapted by developing new playbooks and swiftly capitalizing on market opportunities, without losing sight of their long-term strategic goals.
Bain forecasts further acceleration of M&A activity in the second half of the year. Through acquisitions, companies seek to acquire new capabilities, expand operations (mainly through scale acquisitions), and divest non-core assets — despite ongoing challenges such as persistently high interest rates, increased regulatory burdens, and disruptions caused by artificial intelligence and geopolitical tensions.
A defining trait of the most progressive organizations is that they do not wait for stability to return; instead, they proactively plan scenarios on how tariffs could reshape supply chains, business portfolios, and strategic deals. Bain’s report sends a clear message: in an environment marked by turbulence, success belongs to those ready to act decisively and strategically.
The Greek Market
The domestic mergers and acquisitions (M&A) market is valued at approximately €11–12 billion annually, with around 100 deals per year. The average deal size is increasing, reflecting the gradual maturation of the market and improved access to larger investment capital.
Sectors such as energy and renewables, logistics, and financial services absorb two-thirds of the total deal value. Meanwhile, technology and real estate steadily gain market share, and increased interest is noted in transforming sectors such as education and healthcare.
Private equity activity is intense, driven by both international funds and strengthened or newly established domestic entities. Simultaneously, family offices and the shipping community fuel large domestic deals, alongside new international investors. A significant boost is provided by strong liquidity and banks’ increased willingness to finance acquisitions.
