Dolphin Capital Atlantis is acquiring a 80% stake in Aristo, the largest holiday-home development company in Cyprus for EUR 245 mln. Aristo owns the 1,000-hectare site Venus Rock, the largest sea-front residential resort development in Europe, as well as three our of 12 new preliminary licenses for residential resorts granted by the government in the island.

Dolphin Capital Atlantis is acquiring a 80% stake in Aristo, the largest holiday-home development company in Cyprus for EUR 245 mln. Aristo owns the 1,000-hectare site Venus Rock, the largest sea-front residential resort development in Europe, as well as three our of 12 new preliminary licenses for residential resorts granted by the government in the island.

Dolphin Capital Atlantis is a Cypriot subsidiary of Dolphin capital, an AIM-listed resort developer specialised in south-east Europe. Dolphin is buying a 60% stake in the Cyprus-listed Aristo Developers from its founder Theodoros Aristodimou for EUR 128.7 mln and a 15% stake in Dolphin's real estate arm. Dolphin is also acquiring a further 20% from Aristo's second-largest shareholder for EUR 57.9 mln. The purchase price comes to EUR 2.15 per share, a premium of 8.5% to the company's last traded price, Dolphin said in a statement. The deal values Aristo at a price of EUR 438 mln.

Dolphin has indicated that it is to launch a public tender offer to take over a further 20% for another EUR 57.9 mln. The company said it is planning to de-list Aristo, but the move is conditional on the outcome of the public offer. Aristo will remain a public company listed in Cyprus if Dolphin owns less than 90% at the end of the public offer. Dolphin has development projects in Cyprus and Greece covering a aggregate total of 13 million m2 of land.