By its unanimous Decision No. 911/2026, adopted on May 15^th, 2026, the Hellenic Competition Commission (HCC), in Plenary sitting, approved the acquisition of sole control by “DIAMANTIS MASOUTIS SUPER MARKET S.A.” (MASOUTIS) over “ANEDIK KRITIKOS S.A.” (KRITIKOS), in accordance with national law on merger control (Law 3959/2011). The transaction was approved under commitments undertaken by the acquiring company MASOUTIS, consisting of the divestiture of stores and the discontinuation of the use of trademarks at various stores in the Greek territory. 

The concentration concerns the relevant markets for (a) the retail sale of supermarket goods, which is further divided into the sub-markets for (i) distribution of supermarket goods and (ii) supply of supermarket goods (“demand market”), and (b) the wholesale market for supermarket goods.  

In the context of assessing the competitive conditions on the demand side before and after the implementation of the concentration and in order to identify any anti-competitive effects resulting therefrom at a local level, the competitors’ market shares for 2025 were examined in the “local markets” where KRITIKOS’s target stores are located in the respective regional units throughout Greece. The relevant geographic market was defined at a local level, within a radius of a 10-minute drive from the target store in municipalities with a population exceeding 10,000 residents (urban areas), and a radius of a 30-minute drive in municipalities with a population of under 10,000 residents (non-urban areas). 

For the purposes of this assessment, the HCC conducted a digital mapping of supermarkets throughout Greece. The analysis of the data obtained revealed horizontal overlaps between the parties in 54 of the 74 Regional Units of Greece. A further assessment of market shares revealed that in 60 of the 586 local markets where an horizontal overlap between the parties’ activities is found, the expected post-merger aggregate market share of the new entity exceeds 50%.

In 23 of the 60 local markets, where the new entity’s post-merger market share exceeds 50%, KRITIKOS or MASOUTIS already held, prior to the transaction, a market share over 50%, while the increase in the post-merger aggregate market share exceeds 5%, ranging from [5–15%] to [45–55%].

Therefore, with regard to the above 23 local markets, the HCC concluded that the dominant position already held by one of the two parties prior to the concentration would be further strengthened, hence serious concerns arise as to the transaction’s compatibility with competition rules in any of the local markets concerned.

In the remaining 37 of the 60 local markets, where the new entity’s post-merger market share is expected to exceed 50%, it was held that the proposed concentration is likely to change the market structure, creating a dominant position for the new entity in these markets. Hence, serious concerns arise as to the concentration’s compatibility with competition rules in any of the 37 local markets concerned.

In view of the possible anti-competitive effects of the proposed transaction, as set out above, the acquiring company has undertaken commitments (remedies).

In particular, the acquiring company has undertaken to proceed with the divestiture (sale/transfer of business activities) of five (5) Kritikos supermarkets and one (1) Masoutis supermarket. These stores are located in Rethymno and Chalkidiki (see the map below, where Kritikos stores are marked in red and Masoutis stores in blue).

In addition, it undertook to discontinue of use of trademarks by partner stores affiliated with either Masoutis (Express Market) or Kritikos (“Proodos Market,” “CRM–ARIADNE,” “Ellinika Market,” “HELIOS,” or “KRITIKOS”).

The stores where the use of trademarks will be discontinued are 47 and they are located in several regions, such as the wider area of ​​Thessaloniki, Rethymno, Chalkidiki, Thasos, Chania, Leros, Kavala, Corfu, Kalymnos, etc. (see, for example, Corfu and Thasos in the map below, where Kritikos stores are marked in red and Masoutis stores in blue).

In the digital map images below, which indicatively show the areas of Oreokastro in Thessaloniki and Kavala, the parties’ and their competitors’ stores are marked with dots (Kritikos stores in red, Masoutis stores in blue, other Kritikos stores in purple, and competitors’ stores in green), while a red outline defines the 10-minute or 30-minute drive radius from each target store, within which market shares are calculated.

The acquiring company also undertakes to appoint a Monitoring Trustee, which shall be independent of the parties and subject to the HCC’s approval, to ensure the proper implementation of the above remedies and commitments.

The proposed commitments are deemed proportionate to the competition issues identified in the above relevant markets as well as appropriate and sufficient to swiftly and effectively address the aforementioned competition concerns regarding possible anti-competitive effects resulting from the proposed transaction.

In particular, the assessment of the effects of the proposed transaction on the relevant local geographic markets in which both parties are present, gave rise to concerns relating to the creation or strengthening of a dominant position, as the new entity’s post-merger combined market share in the relevant local markets will exceed 50% and it will unilaterally acquire an increased market power, while the remaining competitive pressures are not expected to be of sufficient intensity to ensure effective competition against the new entity resulting from the concentration under review.

However, the implementation of the proposed commitments to divest the aforementioned six company-owned stores of the parties and to terminate the aforementioned forms of cooperation at the retail level with the remaining 47 stores, is expected to eliminate the relevant competition concerns, as the new entity’s total market share will be less than 50% in the relevant local markets. Furthermore, competitive pressure will increase with the entry of a new competitive store, resulting from the sale of each of the divested stores to a competitor and from the integration of the affiliated stores into the retail networks of competing chains or from their independent operation in each local market.

In conclusion, the above remedies are deemed sufficient, proportionate and appropriate to address the competition issues identified in the specific local retail markets by the competitive assessment of the merger.

Against this background, the HCC unanimously approved the concentration concerning the acquisition of sole control by MASOUTIS over KRITIKOS, subject to terms and conditions (remedies), on the basis of the commitments offered by MASOUTIS.