Ioannis Papalekas signed a sale and purchase agreement to acquire 41% stake in The Cyprus Tourism Development Public Company Ltd. from Prodea Real Estate Investment Company Société Anonyme (ATSE:PRODEA) for €61.3 million on December 28, 2020. The final consideration will be adjusted according to the percentage to be transferred. Upon completion of the transaction, Prodea Investments will retain 49% in The Cyprus Tourism Development Public Company Ltd. 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 by March 30, 2021.