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Blackstone has agreed to acquire a majority stake in Skroutz, Greece's leading e-commerce marketplace, from CVC Capital Partners Fund VII in a deal that values the company at €635 million ($747 million) including debt, according to Reuters.
The transaction is expected to close in the second half of 2026, subject to regulatory approvals, Blackstone said. The deal will double CVC's initial investment in Skroutz, according to Reuters.
Founded in 2005, Skroutz operates a platform where roughly 9,000 merchants list more than 12 million products, drawing around 2.5 million active users. The company has also built out logistics and fulfillment infrastructure, a retail media unit, and a licensed fintech arm, Blackstone said.
As part of the deal, the founders will hold onto a meaningful ownership position and stay on to run the company, though they are selling some of their shares. George Chatzigeorgiou will remain as president and CEO.
"This marks a significant new chapter for Skroutz," George Chatzigeorgiou said in a statement. "Blackstone will help accelerate our next stage of innovation and growth."
Alexander Walsh, a senior managing director at Blackstone, said in a statement that the firm believes e-commerce penetration across Europe will continue to drive growth and that Skroutz is well positioned to capture the opportunity across Greece and Southeast Europe.
Skroutz has been expanding beyond its home market in recent years, establishing operations in Cyprus and entering Romania and Bulgaria. Blackstone noted that e-commerce penetration in Greece and Southeast Europe remains lower than in Western Europe, which it sees as room for growth.
Alex Fotakidis, a managing partner and head of CVC Greece, said in a statement that during CVC's ownership the company evolved from a price-comparison platform into Greece's leading e-commerce marketplace, with investments made in infrastructure, merchant capabilities, and customer experience.
According to Bloomberg, Blackstone has other assets in Greece as well, among them Hotel Investment Partners and Fraport Greece, a regional airport operator. Bloomberg noted that CVC has a long history in Greece, with its portfolio there having included Hellenic Healthcare Group, electricity provider Public Power Corp, and insurer Ethniki.
Blackstone pointed to its track record in digital marketplace investments, including Adevinta, an online classifieds platform, and Property Finder, a property portal operating in the Middle East and North Africa.