The economic landscape of Cyprus changed significantly in 2024. This was mainly due to the conclusion of a number of large deals in the banking, insurance, healthcare, retail and energy sectors, the total value of which exceeded €1.5 billion.
The top 5 most significant deals last year included
- In the banking sector, Eurobank stood out with its purchase of 93.47% of Hellenic Bank for more than €1 billion. Interestingly, the latter in turn paid a premium of €4.843 per share to its main shareholder, Demetra Holdings, well above the initial offer of €2.56.
- In the insurance sector, the biggest deal was Hellenic Bank's acquisition of CNP Cyprus Insurance Holdings from the French group CNP Assurances for €182 million. This enabled the bank to strengthen its position in the sector.
- There were also changes in the healthcare sector. Hellenic Healthcare Group completed the purchase of the American Medical Centre, having previously owned the Apollonion and Areteio hospitals. This cemented its status as the leading private medical provider on the island.
- In retail, Greek supermarket chain Sklavenitis acquired Papantoniou Supermarkets, increasing its annual turnover to over €300 million.
- In the energy market, Petrolina Holdings acquired ExxonMobil Cyprus for €48.6 million, giving its subsidiary MED ENERGYWISE LTD control of 68 Esso branded service stations.
It is worth noting that all the above transactions in key sectors have significantly transformed the Cypriot economy and set a new vector of its development for 2025.