Marfin Investment Group SA (MIG), southeast Europe’s biggest buyout fund, said its Delta Foods SA unit will sell a 90 percent stake in its Cypriot subsidiary, Vivartia Cyprus Ltd., for 42 million euros ($56 million).
Delta is selling the stake to Cypriot businessmen Alexis Charambilides and Menelaos Shiacolas and has already received a down payment of 4.2 million euros, Athens-based MIG said today in a filing to the city’s bourse.
Cypriot regulatory authorities have already approved the transaction, which should be completed within the next three weeks. Delta Foods will keep a 10 percent stake in the business.
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