Sun Resorts Ltd. (MUSE:SUN) agreed to acquire 50% stake in Anahita Hotel Limited from Alteo Limited (MUSE:ALT) for $29.6 million on September 22, 2014. Sun Resorts will acquire 15.05 million shares of Anahita. The transaction is subject to the fulfillment or waiver of certain conditions precedent, including the relevant regulatory approvals as well as the approval of the shareholders of Sun Resorts and financial due diligence of Anahita Hotel.

Deal was approved by the Board of Sun Resorts. The deal is expected to close on December 1, 2014. Rookaya Ghanty of BDO Capital Advisors, LLC acted as financial advisor to Sun Resorts.

PricewaterhouseCoopers Ltd and Ernst & Young Ltd acted as valuers for the deal.