Superhome Centre has been sold to Vasilitsi Diy Ltd for €94 million and the transaction is expected to go through by the end of February.

Ermes Department Stores Plc, which holds 51 per cent of the store’s shares, announced that its board of directors approved selling its whole investment to Vasilitsi. Ermes is a subsidiary of the Cyprus Trading Corporation Plc (CTC).

The transaction includes the simultaneous acquisition of the 49 per cent Superhome stake owned by Secora BV, a Dutch-registered company, thus consigning 100 per cent of ownership to Vasilitsi.

A press release said the agreement was an “important milestone” for Superhome.

Ermes Department Stores Plc and Secora BV agreed to sell Superhome for €94 million, minus €3,740,000 for banking obligations and minus €3 million for Superhome projects.

Thus, the net value of 100 per cent of the shares is €87,260,165.

Of this amount, €10 million will be held until the agreement is fulfilled, within three to five years.

Ermes will be receiving €39,403,000 from the sale and will be paying off debts accumulated by the CTC group worth €33.6 million.

The acquisition will be completed in February and, according to the press release, will benefit the company, the staff and all involved parties.

Superhome Centre CEO George Giovanni and his team will continue to manage the company.