The deals that are redefining Cyprus’ business landscape

2024 was a year of vibrant mobility in Cyprus’ business ecosystem, with moves being made on the company ‘chessboard’ that have already reshaped or laid the foundations for redrawing the country’s business landscape.

In a year in which the Cypriot economy locked in, in the clearest manner, its positive course and, without a doubt, its return for good to a growth trajectory– with the upgrades from international rating agencies and its restoration to investment grade as clear proof of this– developments within the island's business scene in turn moved on a parallel path confirming of the right direction in which Cyprus is moving.

Investment interest from major foreign giants in the sector was reflected, either through their arrival or through the expansion of their activities in Cyprus, at the same time as mergers or acquisitions by domestic business players co-shaped a scenario that points to an undoubtedly healthy economic and business structure.

Acquisitions, mergers and major agreements have redesigned a number of economic sectors, such as finance, services, land development, health, communication, retail and education, essentially certifying the upward economic course of Cyprus, its great potential and the strong prospects that have been outlined for the coming years.

Besides, 2025 confirmed the above with a "good morning", since just a few days after its arrival, the first big deal of the new year was sealed and made known through InBusinessNews . That of the merger of two large law firms in the country, specifically Pyrgos Vakis LLC and Prountzos & Prountzos LLC.

The major moves that took place on the business chessboard of Cyprus during the past year have been recorded below along with all the latest developments concerning some of them, as well as what is also expected for others in the immediate coming months and within 2025.

A year that, following the one that passed,during which all indications suggest that the business map of Cyprus will continue to be redrawn, business and the country's economy will continue to develop and move on an extremely brilliant path.

Eurobank Group-Hellenic Bank

2024 marked the year in which Hellenic Bank essentially passed into the hands of Eurobank SA, with the latter becoming the major shareholder of the former and in the process of acquiring 100% of the former's share capital.

Today, Eurobank SA officially owns 56% of Hellenic, however, it is only a matter of time before this percentage rises to approximately 93.5%, as it has reached an agreement with Demetra Holding - Hellenic's second largest shareholder so far - to acquire its 21.3% stake, as well as an agreement with bank employee union ETYK to acquire the participation percentage of the union's funds, totaling 12.8%.

An agreement to acquire its own stake in Hellenic Bank (3.33%) was also reached with Logicom.

The next step expected is the submission of a new public offer by Eurobank SA, which is scheduled for February, for the acquisition of 100% of the share capital of Hellenic Bank, while tangible developments should be expected by the end of this year regarding the implementation of the strategic goal of merging the group's two subsidiaries in Cyprus, Hellenic and Eurobank Cyprus.

Hellenic Bank-CNP Cyprus

A move that redefines the map of the insurance industry in Cyprus was the acquisition of CNP Cyprus by the Hellenic Bank group, as the completion of the process will create the largest insurance group in the country.

At the end of November 2024, the Commission for the Protection of Competition gave the green light to the acquisition, which is however subject to other supervisory approvals and is expected to be completed by the end of the first quarter of 2025.

Speaking to InBusinessNews, within the framework of "IN Business Forecasting 2025" , the CEO of CNP Cyprus Group, Takis Phidia, stated that with the completion of the process and approval by the competent regulatory authorities, which - as he estimated - is estimated to be in the first quarter of 2025, the largest and strongest insurance group in Cyprus will be created, which will hold the largest market shares in both insurance sectors.

Sklavenitis Cyprus-Papantoniou Supermarkets

In November 2024, the agreement to integrate Papantoniou Supermarkets into the Sklavenitis Cyprus network was signed, following the relevant approval given by the Commission for the Protection of Competition (CPC).

Based on the agreement, Sklavenitis Cyprus will employ 2,350 workers, fully securing the 769 jobs of Papantoniou Supermarkets, while its network will include a total of 27 stores.

The conclusion of an agreement for the integration of Papantoniou Supermarkets into the Sklavenitis Cyprus network was announced on 20 June 2024.

This major deal marked the beginning of a new era in Cypriot retail, as a chain with an estimated total annual turnover of close to €300 million was created.

Sklavenitis Cyprus is strengthening its presence in the market, putting the Sklavenitis group's strategic plan for expansion in the domestic market on track for implementation.

Petrolina-ExxonMobil Cyprus

At the end of November, Petrolina, in the context of the further development of its existing operations in the petroleum products trading sector in the Cyprus market, announced the agreement for the acquisition of 100% of the share capital of ExxonMobil Cyprus Limited (EMCL).

With this acquisition, for which it will pay €48.6 million upon completion, the Petrolina group will expand its network of gas stations by 68, including the ExxonMobil gas stations, which trade under the Esso brand and sell Synergy fuels in the domestic market, to the existing ones it maintains throughout Cyprus.

Hellenic Healthcare Group (HHG)-American Medical Centre

Following the acquisition of Apollonion Private Hospital and Aretaieio Hospital, the Hellenic Healthcare Group (HHG) expanded even further on the island, with the acquisition of a significant stake in the American Medical Center (AMC).

In June 2024, the two parties announced that they had reached an agreement to enter the private healthcare sector and for HHG to have a substantial stake in AMC's share capital.

This development is expected to further strengthen the services offered and contribute to the continuous provision of high quality health services and meeting the needs of patients on a nationwide basis.

Following the approval of the Commission for the Protection of Competition and the acquisition of 50% of the share capital of the American Medical Center, HHG owns 170 beds out of a total of 3,500 beds nationwide.

Medicover-Synlab Cyprus

Medicover Investment BV proceeded to acquire the share capital of companies of Synlab International GmbH, including Synlab Cyprus.

According to an announcement by the Commission for the Protection of Competition (CPC), issued in August 2024, the acquisition of the share capital of certain companies of Synlab International GmbH also includes Synlab Cyprus, which is a subsidiary of Synlab International GmbH and operates in the field of diagnostic services.

It is recalled that Medicover, a European giant in healthcare and diagnostic services, had acquired NIPD Genetics in 2022, increasing its stake in the company to 87%.

Bioiatriki Healthcare Group-Pavlidis Laboratories

In February 2024, the legal process for the absorption of Pavlidis Laboratories by the Bioiatriki Healthcare Group was completed, an important strategic move with which the latter significantly strengthened its presence throughout Cyprus - with an emphasis on Limassol and Paphos - offering the opportunity to utilise, in Cyprus, the entire range of clinical laboratory tests that are also offered by the group in Greece.

Bioiatriki has been active in the health services sector since 1981, currently constituting a private provider of primary health care medical services with 56 autonomous diagnostic centers in Greece and Cyprus.

Superhome Center DIY

In December 2024, Ermes Department Stores Plc, a member of the CTC group, announced its intention to sell its stake in Superhome Center DIY and by extension the chain itself to a foreign interested investor.

In fact, a few days later, the extraordinary general meeting of Ermes shareholders approved the relevant resolution that was put before them, essentially paving the way for the completion of the deal.

However, in a more recent announcement on January 7, Ermes clarified that "at this stage, no decision has been made to sell/liquidate the aforementioned Ermes stake, nor has there been any contractual/or legal commitment with any third party, intended buyer."

E.V.H. Investments-Salamis Tours

E.V.H. Investments has set its sights on acquiring 100% of Salamis Tours by 2024, having submitted a public offer to this effect in November 2024.

E.V.H. currently directly holds 31,588,795 shares representing approximately 86.476% of the issued share capital and voting rights of Salamis, with the Board of Directors of the latter - at its meeting on Friday - adopting the opinion of the independent expert who was appointed and prepared an independent evaluation report regarding the mandatory public offer by E.V.H. Investments to acquire 100% of the issued share capital of Salamis Tours, that the proposed consideration - €4.20 per share - "is fair and reasonable at the date of the formulation of the public offer".

Balram Chainrai-Rodon

One of the most historic and well-known hotels in the Cypriot countryside,Rodon Mount Hotel & Resort in Agros, became a target for acquisition in 2024.

Since early December 2024, interested investor Balram Chainrai has announced his decision to conduct a voluntary public offer to acquire up to 100% of the issued share capital of the Agricultural Development Company "Proodos" Public Ltd, owner of the Rodon hotel.

However, the fact that by Friday, 10 January 2025, it had acquired a stake of over 30% made the public offer it submitted in December 2024 mandatory.

XM-Forest Park

In 2024, the historic Forest Park Hotel in Plares was acquired by the Cypriot foreign exchange (forex) company XM, which acquired 100% of the share capital.

The deal exceeded €10 million, while the new owner's plan calls for a major renovation of around €15 million, with the aim of rebranding the hotel to Swiss standards of iconic St. Moritz resorts.

Red Wolf-Ogilvy

The merger of Red Wolf and Ogilvy Cyprus, which since 1 October 2024 have joined forces and operate as a single company - RedwolfOgilvy, has created new conditions and balances in the field of advertising and communication in Cyprus.

The organisation now has a team of over 40 people, providing comprehensive 360° advertising, public relations and high-level digital marketing services.

Globeducate-Olympion

Following Pascal English School, the international educational organisation Globeducate in 2024 also included Educational Group OLYMPION in its team, strengthening its presence in the educational sector of Cyprus.

Globeducate is an international fund that invests in education and is among the leading K-12 education groups (pre-primary, primary and secondary education) in the world, with more than 60 high-quality multinational schools, in 11 countries, with 40,000 students, while its schools specialise in a multitude of recognised international programmes.

(Source: InBusinessNews)