The sale of Superhome Center DIY in Cyprus to a Greek investor is moving forward, with the final deal expected to be concluded in the coming weeks.
Sources confirmed to Kathimerini that the Greek investor is set to acquire 100% of the shares in Superhome Center, with the transaction expected to be completed by mid-month. Despite the change in ownership, Superhome Center’s management will remain unchanged, a company source told Kathimerini. The delay in finalizing the sale is due to procedural issues, but no other changes are expected at this stage.
The sale follows an announcement by Ermes Department Stores Plc, which owns 51% of Superhome Center, confirming that it had accepted an offer from the foreign investor. The transaction is valued at 94 million euros, minus a reserve of €13 million for potential future expenses and approximately €7 million in bank liabilities at closing.
On December 20, Ermes shareholders unanimously approved the sale, and the company’s board of directors endorsed the decision. The announcement also clarified that no final decision has been made on the liquidation or sale of Ermes’ stake in the company.
