10+1 M&A deals of 2023-24

After the remarkable highs of 2021, dealmaking activity globally fell off a cliff in 2023 and expectations of recovery did not meet reality in the first half of 2024. The overarching theme driving this slowdown is the thick fog of economic uncertainty: inflation concerns, the spectre of a looming recession and fluctuating interest rates have naturally led to hesitancy in the market. However, certain sectors have remained resilient, particularly tech.

Noteworthy deals include Cisco’s acquisition of data analytics platform Splunk for US$28 billion, Broadcom’s US$65 billion bet on cloud giant VMware and Microsoft finalising the massive US$69 billion purchase of gamemaker Activision Blizzard.

In Cyprus, dealmaking trends have mirrored the global slowdown and here, we present some of the bright spots from 2023-24.

TECH INDUSTRY

Servers.com on cloud nine

In July 2023, American cloud services provider CloudOne Digital bought Limassol-based Servers.com, which operates 18 data centres across North America, Western Europe and Asia.

Deal size: €200 million (est.)

Read also: CloudOne Digital acquires Servers.com for a reported $200m

Globe Invest’s Double Bill

The family office of billionaire entrepreneur Teddy Sagi, Globe Invest, made two acquisitions in 2023: Cyprus online broker Prodigit Investments and UK online car competition company Best of the Best Plc (BOTB).

Deal size: €52.7 million (£45.3 million) for BOTB, undisclosed for Prodigit

Read also: Teddy Sagi’s Globe Invest to acquire Prodigit Investments Ltd

Teddy Sagi Group makes public offer to acquire Best of the Best Plc

CAPEX’s reverse merger

In 2023, brokerage firm CAPEX.com announced the acquisition of Limassol-based NAGA Group in a reverse merger, with the brokerage’s shareholders owning some 75% of the merged entity.

Deal size: €9 million (convertible bond) + €15 million

Read also: NAGA announces merger with trading app Capex.com

REAL ESTATE

Trastor’s towering investment

Whitestreet Investments, a wholly owned subsidiary of Teddy Sagi’s family office, Globe Invest, has entered into a binding agreement with Trastor REIC for the sale of Excelsior Hotel Enterprises, owner and operator of the iconic Labs Tower in Nicosia.

Deal size: Undisclosed

Read also: Greek investment company Trastor REIC acquires Teddy Sagi’s Labs Tower

FINANCIAL SERVICES

Eurobank’s big buy

By June 2024, Eurobank Cyprus increased its stake in Hellenic Bank to 55.42%, giving it control over the country’s second-largest systemic bank.

Deal size: €258.99 million

Read also: Eurobank S.A. completes takeover bid for Hellenic Bank

Hellenic’s new claim

In July 2024, Hellenic Bank dotted the line to acquire the operations of CNP Assurances in Cyprus and Greece, significantly growing the bank’s presence in the insurance sector.

Deal size: €182 million.

Read also: Deal signed for Hellenic Bank’s acquisition of CNP

FMCG

bbf’s fast moves

In 2024, in a surprising move, Limassol-based property developer bbf made headlines by acquiring food and beverage giant KEAN Soft Drinks Ltd; KEAN’s staff and executive team remain in place despite the change in ownership.

Deal size: Undisclosed

Read also: M. Kasapis: KEAN enters new era of hope, staff are safe

HEALTHCARE

ECM Partners’ stake in health

In 2023, investment firm ECM Partners, a key player in Central and Southeast Europe, acquired a 68% stake in Ygia Private Polyclinic, the oldest private hospital in Cyprus. It plans to increase its stake to 75%.

Deal size: Undisclosed

Read also: ECM Partners takes over Ygia Polyclinic Private Hospital

HOSPITALITY

Fattal’s brand extension

In 2023, the Israeli Fattal Hotel Group acquired Hawaii Hotels Ltd, which owns and manages Limassol’s five-star GrandResort. The hotel has been renovated and rebranded under the Group’s Leonardo Hotels brand.

Deal size: Undisclosed

Read also: Fattal Hotel Group is acquiring Limassol’s Grand Resort

SHIPPING

Intership’s new wind

In 2024, shipmanager Intership Navigation demerged from the Hartmann Group in a management buyout with ownership transferring to Intership’s long-time CEO, Dieter Rohdenburg.

Deal size: Undisclosed

Read also: Intership Navigation announces separation from the Hartmann Group in management buyout

RETAIL

Sklavenitis’ stores of value

In 2024, Greek supermarket chain Sklavenitis acquired Papantoniou Supermarkets, increasing the network of its stores in the local market from 18 to 27. (This deal is expected to be approved soon by the Committee for the Protection of Competition)

Deal size: Undisclosed

Read also: Papantoniou Supermarkets and Sklavenitis Cyprus officially announce deal

(This article was first published in the September issue of GOLD magazine. Click here to view it)