Prodea announces that on 8 the December, 2023 the company signed a sale and purchase agreement for the acquisition of a 55% stake in Mediterranean Hospitality Venture PLC (MHV) from the Cypriot group of companies YODA PLC.

MHV operates as a hospitality and real estate platform in Cyprus and Greece, with α current portfolio consisting of prominent luxury hotels and resorts, residential and office developments and its shares are listed on the Cyprus Stock Exchange.

The completion of the transaction is subject to obtaining approval from the Commission for the Protection of Competition of the Republic of Cyprus.

The transaction is estimated to be completed in Q1 2024 upon which time the company will further inform the public.

Upon completion of the transaction, Prodea will have an 80% stake in MHV.