Greek mergers and acquisitions down 39 pct in 2015, PwC report
A total of 29 mergers and acquisition agreements, worth 1.4 billion euros, were signed in Greece in 2015, 39 pct less compared with 2014, PwC said in report released on Tuesday.
PwC attributed this decline to a continuing economic instability in the country, with two general elections, one poll, the imposition of capital controls on banking transactions and the signing of a third agreement with the country’s creditors. The Greek economy remains under great strain but shows resistance, the report noted. PwC said that 2015 was an “annus horribilis” in transaction terms and significantly affected mergers and acquisitions. Greek enterprises attracted around 7.9 billion euros in 2015. The number of M&A worth 1.4 billion euros was significantly lower compared with the rest of Europe and was down 12 pct from 2014, with the average size of transactions at 47 million euros, 30 pct lower from 2014.
Privatization literally froze during 2015 and amounted to only 300 million euros, the report said. PwC said that the value of mergers and acquisitions this year could surpass 7.0 billion euros.
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