Bloomberg News

Marfin Investment’s Delta Foods Sells 90% Stake in Cyprus Unit

November 23, 2011

Nov. 23 (Bloomberg) -- Marfin Investment Group SA, 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.

--Editors: Tim Farrand, Peter Woodifield

To contact the reporter on this story: Paul Tugwell in Athens at Ptugwell1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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