MHP SE has announced a sizeable move in European poultry, agreeing to buy a stake of up to 100% in Greek food group Th. Nitsiakos AVEE over time. For retail investors, the key point is simple: MHP is continuing its cross-border expansion, and this deal gives it a route into Greece through the country’s largest poultry producer.
There is a catch, though. The headline sounds bold, but the most important number – the price – has not been disclosed yet. So this is strategically interesting, but it is not possible to say whether it is definitely good value until MHP reveals what it is actually paying at each stage.
MHP to acquire Nitsiakos: key facts from the RNS
| Item | Detail |
|---|---|
| Buyer | MHP SE, through a wholly-owned subsidiary |
| Target | Th. Nitsiakos AVEE Ptinotrofikes Epicheiriseis |
| Maximum stake | Up to 100% |
| Initial acquisition | 70% in three sequential tranches |
| Completion 1 expected | First quarter of 2027 |
| Completion 2 deadline | Before 31 December 2027 |
| Completion 3 deadline | Before 31 December 2028 |
| Remaining 30% | Subject to a put option exercisable from 2030 to 2035 |
| Target revenue | Approximately €540 million for the year ended 31 December 2025 |
| Purchase price | Not disclosed |
What MHP is actually buying in Greece
Nitsiakos is not a tiny bolt-on. MHP says it is Greece’s largest poultry producer and describes it as one of the country’s leading vertically integrated food production groups. Vertically integrated means the business controls multiple steps in the chain – in this case production, feed, meat and distribution – rather than relying heavily on third parties.
That matters because scale and integration can improve margins, supply reliability and pricing power. It also means MHP is not just buying a brand name – it is buying a substantial operating platform in the Greek food sector.
Nitsiakos generated approximately €540 million of consolidated revenue in 2025, which tells you this is a serious asset. Revenue is not profit, of course, and the RNS does not disclose Nitsiakos’ earnings, debt or margin profile, so there is still a fair bit investors do not know.
How the MHP Nitsiakos acquisition is structured over time
The structure is staggered rather than all-in on day one. MHP’s subsidiary will acquire 70% in three tranches, with the first completion expected in the first quarter of 2027, then the next two stages due before the end of 2027 and 2028 respectively.
After that, the remaining 30% could also end up in MHP’s hands. MHP has granted the existing shareholders a put option, which means those shareholders can require MHP to buy the final 30% between 2030 and 2035, assuming certain conditions are met.
In plain English, MHP is buying control first and leaving a route to full ownership later. That can be sensible. It spreads execution risk, may help keep existing owners aligned during the transition, and avoids writing one giant cheque upfront.
Why the phased deal structure is a positive
- MHP gets control without needing to buy 100% immediately.
- The deal can be integrated over several years rather than in one jump.
- Regulatory clearance and closing conditions are dealt with before Completion 1.
- The sellers remain economically involved for a period, which can support continuity.
Why the phased deal structure is not risk-free
- The transaction is still subject to regulatory clearances and other customary conditions.
- The full economics are hard to judge because the exact amounts payable at each stage are not disclosed.
- A long timetable means more room for business performance or market conditions to change.
Purchase price, EBITDA and enterprise value: what investors still do not know
This is the biggest gap in the announcement. MHP says Completion 1 will be priced by reference to Nitsiakos’ enterprise value, adjusted for cash, financial debt and working capital, and tied to EBITDA for the year ended 31 December 2025.
EBITDA is a common profit measure standing for earnings before interest, tax, depreciation and amortisation. Enterprise value is a way of valuing the whole business, including debt, rather than just the equity.
That is standard enough in dealmaking, but it does not answer the question retail investors care about most: what is MHP paying? The company says the actual amount payable at each completion will be disclosed separately at the relevant time. Until then, investors can say the deal looks strategically logical, but not whether it is cheap, fair or expensive.
Why this matters for MHP’s European poultry growth story
This RNS fits a clear pattern. MHP says it began its international expansion in 2019 with the acquisition of Perutnina Ptuj in Southeastern Europe, followed by Spain’s UVESA Group in 2025. Adding Nitsiakos pushes that expansion further into Southern Europe.
That matters because MHP is presenting itself as a broad international food and agri-business group rather than a purely domestic operator. The company already has operations in Ukraine, Spain and Southeastern Europe, alongside subsidiaries in the UK, the Netherlands, the Middle East and North Africa, and other European markets.
From an investor perspective, there are two obvious positives here. First, it deepens MHP’s footprint in European poultry. Second, it adds geographic diversification, which can reduce reliance on any one market.
The flip side is that expansion by acquisition only creates value if integration is handled properly and purchase discipline is maintained. Bigger is not automatically better. It has to be profitable bigger.
What looks encouraging in the MHP acquisition announcement
The strongest positive is strategic consistency. MHP is not drifting into a random sector – it is buying another poultry and food production business in a region where it already wants to build scale.
It is also encouraging that Nitsiakos is described as Greece’s largest poultry producer with a long-standing market presence. Buying a market leader can be much more attractive than buying a turnaround story.
There is also some comfort in the fact that the deal mechanics are fairly disciplined. The use of EBITDA-linked valuation, debt and working capital adjustments, and staged completions suggests a structured process rather than a splashy empire-building announcement.
What retail investors should watch out for next
The next important update will be the disclosure of the actual amount payable at Completion 1. That is when investors can start judging whether MHP is buying sensible scale or overpaying for it.
Beyond the price, there are three things to watch:
- Regulatory clearance – the first completion cannot happen without it.
- Timing – Completion 1 is expected in the first quarter of 2027, so this is not immediate.
- Further financial detail – the RNS does not disclose Nitsiakos’ EBITDA, debt levels or profitability.
My take on the MHP Nitsiakos deal for shareholders
On balance, this looks strategically positive for MHP. It extends the group’s European poultry footprint, adds a major Greek operator and fits neatly with the company’s existing expansion story.
But I would stop short of calling it an outright win today because the valuation is still missing. Without the price, this is a promising strategy announcement rather than a finished investment case.
So the sensible view is this: good industrial logic, decent structure, meaningful target – but investors still need the numbers. Until those arrive, the market has a strong outline and an incomplete picture.
