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12° Nicosia,
23 September, 2021
 

EY acted as lead advisor to the Government of the Republic of Cyprus for the re-development of the Larnaca Port and Marina area

The landmark transaction is valued in excess of €1 billion and is expected to significantly contribute to multiple sectors of the local economy

The Strategy and Transactions team of EY Cyprus undertook a lead financial advisory role on behalf of the Ministry of Transport, Communications and Works (“MTCW”) of the Republic of Cyprus in the successful completion of the transaction for the re-development of the Larnaca Port and Marina area between the Government of the Republic of Cyprus and Kition Ocean Holdings Ltd.

EY seamlessly cooperated with the MTCW towards the successful outcome and provided the full suite of sell-side mergers and acquisitions (M&A) services on the transaction including the preparation of a feasibility study, financial due diligence, project management, negotiations support and transaction closing services.

EY led the transaction with professionalism by leveraging its knowledge and experience in M&A transactions including the design, preparation, execution and overall management of the sale process.

Stelios Demetriou, Partner, Head of Strategy and Transactions of EY Cyprus and project leader, commented: “I am incredibly proud of what our team has accomplished as this transaction marks the start of an exciting new chapter for the economy of Larnaca and wider Cyprus. EY is establishing itself as the preeminent M&A advisor in Cyprus and our strong portfolio of successful deals highlights our expertise in identifying and realising attractive investment opportunities across Europe”.

EY’s Strategy and Transactions department in Cyprus is comprised of a team of 25 professionals. The department also boasts a specialised M&A team with a streak of successful high-profile transactions across many key sectors of the local economy.

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