Largest business deals in Cyprus
The Cyprus business environment has been a site of constant changes this past decade, with a large number of mergers and acquisition having taken place.
For many businesses a merger or acquisition is an effective way of dealing with the increasing competition of our time, which leads to the expansion of large businesses and the shutdown of smaller ones.
Among the most important mergers and acquisitions to have taken place these past ten years are the following:
Trade, Industry
Remedica: In this recent deal, Ascendis Health bought out pharmaceutical company Remedica for €335 million.
Shacolas Group: In order to decrease debts and increase liquidity in its companies, the Group signed a deal to sell the Mall of Cyprus and the Mall of Engomi for €194 million to the South African Atterburry Group. In the spring of 2014, Ermes sold its stocks of the company which operated the stores in the airports of Larnaca and Paphos to the AerRianta International Group, for the amount of €55.7 million.
Charalambides Christis: Was created after the merger of the two largest dairy producers of Cyprus. The company was bought in December 2011 by Cypriot businessmen Alexis Charalambides and Menelaos Shacolas, along with their partners. Some 90% of stocks of the Vivartia (Cyprus) company were acquired. In November 2014, a full buyout occurred, with 100 of Charalambides Christis passing into Cypriot hands.
Laiko Cosmos: The merger of Cosmos Trading and the Laikou Group took place in 2012. The ambition of the two companies was to become established as the largest and most effective food, drinks and alcohol distribution company in Cyprus.
Chris Cash & Carry: A buyout that took place in 2005, the company was bought by Carrefour Marinopoulos. According to an announcement, Carrefour Marinopoulos will purchase all the stocks of Andreas Andreou at the price of £3.32 per stock, for a total amount of £21.6 million (€37 million).
Lanitis Brothers: Coca-Cola 3E bought out the Lanitis Company in 2006. 238,559,665 stocks, or 95.43% of company shares had been purchased by May 16. The total amount submitted for these shares is €71.5 million.
Vassiliko Cement Works Public Company and the Cyprus Cement Public Company reached a deal for a merger in 2008.
In 2010 Marathon Distributors Ltd merged with Pharmnet Ltd.
Hotels
Amathus: In December 2013, an initial deal to sell 75% of the Amathus Hotel in Limassol, belonging to the Lanitis Group, was announced for €71 million. The deal involved the founding of a new company, in which Amathus would participate with 25% ownership, Muskita with 50%, and Palmar Investments with 25%.
Meridien: In February 2014, investment company Emerald Coast Properties signed a deal to invest €20 million for the sale of 50% of the Meridien Hotel in Limassol, which belonged to the Galatariotis Group.
Aphrodite Hills: In June 2015 a deal for the sale of the majority of shares of the Aphrodite Hill Group was announced. The shares were sold to Bank of Cyprus and a group of investors which included Invel Real Estate Ltd, along with funds managed by York Capital Management. The deal was sealed at €90 million.
Construction, Tourism, Telecommunications
Aristo Developers: Dolphin Capital Atlantis purchased 80% of Aristo Developers’ shares. The deal was for Dolphin to purchase 60% of its shares from Theodoros Aristodemou at €128.7 million, and the 20% of shares from the second largest shareholder for €57.9 million.
TUI and Aeolos: A deal between the two companies has been reached in which all non-internet activities of Aeolos fall into the hands of the German TUI company, while all internet activities go to Aeolos.
Cablenet: Company GO, which owned part of Cablenet, has now bought the majority of Cablenet shares.
Source: http://in-cyprus.com/
