Blackstone Acquires Greek E-commerce Firm Skroutz

Blackstone has moved to acquire Greek e-commerce platform Skroutz from CVC Capital Partners Fund VII, marking a significant step into the Greek digital marketplace. The transaction, announced on Monday, is valued at approximately €635 million ($747 million), inclusive of debt, according to a source familiar with the details. This acquisition highlights Blackstone’s growing interest in expanding its footprint within European e-commerce sectors.

Skroutz, established in 2005, has solidified its position as Greece’s leading online marketplace. The company has evolved beyond its initial offerings, venturing into delivery services, fintech, and regional logistics under CVC's ownership since 2020. This diversification has made Skroutz an attractive asset for Blackstone seeking to capitalize on its existing digital infrastructure. As part of the agreement, Skroutz’s founding team will reduce their equity stake but maintain significant involvement in the company’s operations, with George Chatzigeorgiou continuing as CEO to ensure strategic continuity.

The acquisition by Blackstone provides the firm an opportunity to deepen its engagement in the European e-commerce market, leveraging Skroutz’s established platform to further drive digital innovation and growth. For CVC, the deal represents a successful exit, effectively doubling its initial investment in Skroutz. This follows CVC's broader strategy of investment and divestment within Greece, exemplified by their recent sale of a majority stake in Greek insurer Ethniki Insurance.

This acquisition underscores the competitive dynamics in the e-commerce sector, where firms are rapidly expanding through strategic acquisitions. As regional leaders like Skroutz become acquisition targets for global investment firms, there’s a clear trend toward consolidation in the market. For Blackstone, integrating Skroutz means potential scalability both in Greece and in the broader Southeast European region, aligning with trends of increasing consumer reliance on digital commerce.

The transaction awaits standard regulatory approvals. While specifics on regulatory hurdles remain undisclosed, such closures are typically routine. The acquisition underscores Blackstone’s commitment to extending its reach in untapped markets with substantial growth potential. Identifying next steps, Blackstone’s task will be to integrate Skroutz’s operations into its broader e-commerce strategy, liaising closely with the retaining management team to navigate this transition seamlessly.