Blackstone announced on Monday that funds managed by its private equity business have reached a definitive agreement to acquire a majority stake in Skroutz, Greece’s largest online shopping platform, from CVC Capital Partners Fund VII.

The transaction marks a major new chapter for Skroutz, which has grown into the most popular ecommerce platform in Greece, serving approximately 2.5 million active users and offering more than 26 million products through around 9,000 partner merchants.

Founded in 2005, Skroutz has evolved from a price comparison platform into what the company describes as the country’s leading marketplace, supported by its own courier and warehousing infrastructure.

The company also provides storage and order fulfilment services, licensed fintech services and an expanding digital advertising business for partner retailers operating on the platform.

Under the agreement, the founders of Skroutz will sell part of their shareholding as part of the transaction, while remaining actively involved in the business and continuing to lead the company.

George Hadjigeorgiou will remain chief executive officer of the company.

In recent years, the platform has expanded beyond Greece, strengthening its presence in Cyprus and more recently entering Romania and Bulgaria, as part of wider ambitions across southeast Europe.

Indeed, Skroutz steadily expanded its operations in Cyprus in recent years, strengthening its presence in the local ecommerce market through its marketplace and delivery services

The announcement stated that Greece has been among Europe’s fastest-growing economies in recent years, with real per capita GDP growth consistently outperforming the eurozone average.

At the same time, ecommerce penetration in Greece and southeast Europe remains below western European levels, which the company believes creates substantial room for future expansion as these markets continue to develop.

“This investment reflects our confidence in online shopping platforms, as we believe ecommerce penetration in Europe will continue to drive meaningful growth,” said Blackstone senior managing director Alexander Walsh.

“George and the Skroutz team have built an exceptional platform with a strong brand, which we believe is well positioned to capitalise on this growth opportunity in Greece and southeast Europe,” he added.

“We look forward to working together with them to support the company’s continued growth,” Walsh continued.

Blackstone described the acquisition as part of its broader strategy of investing in technology-enabled consumer businesses and digital marketplaces with strong market positions.

The company highlighted previous investments including Adevinta, described as the world’s largest online classifieds platform, and Property Finder, a leading real estate platform in the Middle East and North Africa.

According to the announcement, these investments reflect Blackstone’s confidence in technology-driven platforms benefiting from favourable long-term structural trends.

“We are proud of everything Skroutz achieved during our productive partnership,” said CVC managing partner and head of Greece Alex Fotakidis.

“Together with the founders and management team, we made significant investments in infrastructure, merchant growth capabilities and the consumer experience, successfully transforming the company from a price comparison platform into the leading marketplace in Greece,” he added.

“We believe Skroutz has all the conditions in place to continue its growth trajectory with Blackstone by its side,” Fotakidis said.

George Hadjigeorgiou, chairman and chief executive officer of Skroutz, described the agreement as a significant milestone in the company’s development.

“This development marks an important new chapter for Skroutz,” he said.

“Since its launch in 2005, the company has followed a particularly dynamic path of transformation and growth,” he added.

Hadjigeorgiou also expressed appreciation for the support provided by CVC during the past six years.

“I would like to express my sincere gratitude to CVC for its valuable support over the past six years,” he said.

“During this period, Skroutz successfully evolved into a fully integrated marketplace, further strengthening its leadership position,” he added.

The Skroutz chief executive also welcomed the partnership with Blackstone, citing the investment group’s experience in digital marketplaces and online platforms.

“We are equally pleased about our partnership with Blackstone, whose strong investment expertise in ecommerce marketplaces and digital platforms makes it an excellent partner for our future journey,” Hadjigeorgiou said.

“Building on the foundation we have created, Blackstone will contribute to accelerating our next stage of innovation and growth,” he added.

He also thanked the company’s co-founders, employees, partners and consumers for their continued trust and support.

“I would like to thank the co-founders, the entire Skroutz team, as well as our partners and consumers for the trust they continue to place in us,” Hadjigeorgiou concluded.

The transaction is expected to be completed during the second half of 2026, subject to the necessary regulatory approvals.