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Blackstone Buys Majority Stake in Greek Marketplace Skroutz in €635 Million Deal

Prime Highlights

  • Skroutz’s founders will retain a stake and stay on to lead the business, with George Chatzigeorgiou continuing as chief executive.
  • Greece has shifted from a market avoided by investors to one now growing faster than the European average.

Key Facts

  • Skroutz is Greece’s largest online marketplace, serving around 2.5 million active users across four countries.
  • The deal values Skroutz at €635 million, or roughly $746 million including debt.

Background

Blackstone Inc has agreed to buy a majority stake in Skroutz, Greece’s largest online marketplace, from private equity firm CVC Capital Partners. The deal marks a further expansion of Blackstone’s growing presence in Greece.

The transaction values Skroutz at €635 million, or approximately $746 million, including debt. Financial terms were not officially disclosed. Skroutz’s founders will sell part of their shares but retain a stake and continue to run the business. George Chatzigeorgiou will remain as chief executive officer.

Skroutz operates one of Greece’s largest e-commerce platforms, offering more than 12 million products from around 9,000 merchants to approximately 2.5 million active users. Beyond its core marketplace, the company runs last-mile logistics, fulfilment services, a licensed fintech unit, and a retail media business. It has also expanded beyond Greece into Cyprus, Romania, and Bulgaria.

The acquisition reflects growing investor confidence in Greece, which has shifted significantly over the past decade from an economy shunned by global markets to one growing faster than the European average.

Blackstone already holds other assets in Greece, including Hotel Investment Partners, which owns hotels across the country, and Fraport Greece, which operates regional airports in locations such as Corfu, Rhodes, and Crete.

CVC, which is selling its stake in Skroutz, was among the first major private equity firms to enter the Greek market. Its other investments in the country include Hellenic Healthcare Group, insurer Ethniki, and electricity firm Public Power Corp.