[Reuters]
Eurobank has completed the sale of its 8.58% stake in Demetra Holdings Plc to Logicom Services Limited, the lender confirmed. The deal, finalized on Thursday, involved the sale of 17,152,353 shares at 1.55 euros per share, totaling approximately €27 million.
This transaction is part of a broader agreement between Eurobank, Demetra and Logicom, signaling further financial restructuring and collaboration. Beyond the Demetra sale, the agreement also includes Eurobank’s acquisiton of a 24.66% stake in Hellenic Bank Public Company Ltd. This will involve purchasing shares from both Demetra (21.33%) and Logicom (3.33%), solidifying Eurobank’s position in Hellenic Bank.
The completion of the Hellenic Bank transaction is expected by February 10, pending regulatory approvals.
This move not only reflects Eurobank’s strategic plans but also highlights the ongoing consolidation and collaboration within Cyprus’ financial and investment sectors.
The Greek credit group has also stated its intention to exercise its squeeze-out right and purchase the remainder of Hellenic Bank’s shares, and have the Cypriot lender delisted from the Cyprus Stock Exchange.