Masoutis has cleared the last major regulatory hurdle for the biggest acquisition in its history, after Greece’s competition authority approved its purchase of 100% of ANEDIK Kritikos. The decision opens the way for the creation of one of the country’s largest organised retail groups.
The deal, first set out in a preliminary agreement signed in January by Yiannis Masoutis and Angelos Kritikos after about a year of negotiations, is designed to reshape the chain’s geographic footprint. By absorbing Kritikos, Masoutis gains a much stronger position in Attica and reduces its long-standing dependence on Thessaloniki.
Nearly 800 stores, 15,000 employees
Once the transaction is completed, the combined business will unite about 400 Masoutis stores with Kritikos’ network, most of which consists of medium-sized shops of around 400 square metres. The merged group is expected to employ around 15,000 people, up from roughly 11,000 now.
Market sources expect the competition authority to require limited store disposals, likely around 30 to 35 locations, mainly in areas where combined market share exceeds 50%. Attica and Thessaloniki, however, are not expected to trigger dominance concerns.
Athens becomes the strategic prize
Masoutis Chief Executive Thodoris Gerostergioudis has said the company wanted to reduce its reliance on Thessaloniki, where around 27% of turnover is generated through 110 stores. By adding Kritikos’ roughly 210 stores in Attica, Masoutis moves toward a more balanced presence between Athens and Thessaloniki.
Crete is also strategically important, not least because of Masoutis’ joint venture with Syn.Ka, which generated 180 million euros in turnover in 2025. Kritikos’ presence on the island may also prompt store adjustments after the merger.
Revenue could approach 2 billion euros
On a pro forma basis, the merged group could approach 2 billion euros in annual revenue if Kritikos’ roughly 800 million euros in turnover are fully consolidated into Masoutis’ results. That would bring the company much closer to Greece’s biggest retail players, including Lidl Hellas and AB Vassilopoulos, and move it ahead of Metro in the rankings.
Masoutis closed 2025 with revenue of 1.203 billion euros and volume growth of 5%, excluding the roughly 180 million euros attributed to its stake in Syn.Ka. Momentum continued into the first quarter of 2026, when sales rose 5.5%.
Franchise model stays in place
A notable part of the deal is that Masoutis intends to keep Kritikos’ franchise model rather than rebuild the business around a new structure. The retailer had started developing its own franchise format, but that process was paused as acquisition talks advanced.
Management plans to preserve the existing Kritikos system to avoid running two separate commercial approaches in parallel. Some cooperation agreements may still change for a small number of franchise stores, especially in northern Greece and Crete.
Expansion continues despite the deal
Masoutis plans a more cautious investment year in 2026, but still has projects lined up, including a new store in Lefkada, a major new location in Thermi, Thessaloniki and four store refurbishments.
The company also continued its pricing strategy, having channelled around 50 million euros into price cuts over the past three years. It estimates that the higher minimum wage will add about 7 million euros a year to payroll costs.
