Global mergers and acquisitions in 2025 tell a story of contrasts, with fewer deals being struck but total values soaring, reflecting a market driven by concentration rather than volume, according to Panikos Teklos, founding partner at services firm XPADIA.

In the first half of the year, Teklos mentioned in a recently-published analysis piece, worldwide volumes fell by nearly 9 per cent compared with 2024, yet total deal value rose by around 15 per cent.

This, he said, is not a story of decline but of concentration. Boards and investors are pursuing fewer but more ambitious opportunities, particularly in financial services, asset management, and technology. 

He explained that asset and wealth management has become one of the fastest-growing hotspots, with deal value up more than 70 per cent year-on-year by mid-2025.  

“This reflects a push for scale and diversification, but also an evolution in strategy, clarity now matters more than experimentation,” he said.  

Private equity, while more selective, has been increasingly active in carve-outs and exits as valuation gaps narrow. “The priority is no longer volume but durability,  transactions that deliver visible synergies, stronger platforms, and long-term resilience,” he added. 

Turning to Cyprus, Teklos noted that the island offers a vivid example of this dual role. Large-scale financial consolidation has reshaped the banking sector, with Eurobank’s merger with Hellenic Bank, Alpha Bank’s acquisition of AstroBank’s operations, and the absorption of CNP Insurance into Hellenic (now Eurobank Cyprus).  

At the same time, family businesses are turning to M&A as a way to manage succession. “Salamis Tours returned fully to the founder’s family, while the sale of Superhome DIY allowed shareholders to crystallise value and unlock future growth under new ownership,” he said. 

One of the most striking shifts, he mentioned, is the way family businesses are approaching M&A. Nearly 40 per cent of those engaged in deals report strong transgenerational entrepreneurship capabilities. 

“In other words,” he explained, “M&A is emerging as a practical tool for sustainability and succession, and not just as a lever for growth.” 

Other transactions underline the breadth of activity, including the Papantoniou supermarket chain joining Greece’s Sklavenitis Group, solar energy acquisitions, and the acquisitions of media groups Phileleftheros and Politis. Hospitality and real estate also remain central.  

“The acquisition of a controlling stake in the Rodon Mount Hotel & Resort illustrates how succession, legacy, and tourism intersect,” Teklos said, while “the sale-and-leaseback of Labs Tower to Greek REIC Trastor shows how real estate assets with high-quality tenants are becoming attractive havens for investors seeking stability.” 

In Greece, confidence has returned decisively. After a record-breaking €20.7 billion in transactions in 2024, activity has remained strong into 2025.  

“Recent highlights include Crediabank’s move to acquire HSBC Malta, UniCredit’s increased stake in Alpha Bank, and a string of hospitality acquisitions by private equity groups such as Blackstone’s HIP, Apollo, Azora Capital, Cerberus, and Invel-Prodea,” he said. 

Family businesses again provide an important subplot. “The Olympia Group acquired 100 per cent of the shares of Domaine Costa Lazaridi via a squeeze-out process, ensuring a leading wine producer will continue to grow and expand,” he said, adding that “the Latsis family rebalanced ownership in EuroHoldings.”  

These moves, he continued, highlight how M&A is being used not only to fuel expansion but also to safeguard continuity and legacy. 

As the market continues to evolve, Teklos believes that “the region’s M&A pipeline will be shaped by this interplay of consolidation and succession-driven sales.”  

For acquirers, he said, “the coming period will reward clarity, domestic or near-shore logic, synergy-rich adjacencies, and balance-sheet discipline.”  

Both Cyprus and Greece, he noted, are positioned to remain active markets, buoyed by healthier banks, infrastructure investment, and sustained momentum in tourism and real estate. 

Financial services integration and selective consumer roll-ups are likely to dominate the near term, while global investors continue to hunt for scale in fee-based businesses and tech-enabled platforms.  

As Teklos concluded, “the deeper lesson is this. M&A in Greece and Cyprus is no longer defined solely by ambition. It is increasingly a story of stewardship, where growth and continuity meet, and where legacy itself becomes a strategic asset.”