Cyprus’s business landscape underwent significant transformation in 2024, marked by major acquisitions across banking, insurance, healthcare, retail, and energy sectors, totalling over €1.5 billion in deals.
In the banking sector, Eurobank completed its largest acquisition in Cyprus, securing a 93.47% stake in Hellenic Bank for over €1 billion. The Greek group paid a premium price of €4.843 per share to key stakeholder Demetra Holdings, significantly above its initial public offer of €2.56.
Hellenic Bank itself made headlines by acquiring CNP Cyprus Insurance Holdings from French group CNP Assurances for €182 million, strengthening its position in the insurance sector.
In healthcare, Hellenic Healthcare Group expanded its Cyprus presence by acquiring American Medical Center, following its previous acquisitions of Apollonion and Areteio hospitals, establishing itself as a leading private healthcare provider on the island.
The retail sector saw Greek supermarket chain Sklavenitis strengthen its market position by acquiring Papantoniou Supermarkets, pushing its estimated annual turnover above €300 million.
In the energy sector, Petrolina Holdings acquired ExxonMobil Cyprus for €48.6 million, taking control of 68 Esso petrol stations through its subsidiary MED ENERGYWISE LTD.
