Italy 
Portugal 
Spain 
Transaction / Assets Seller naBuyer na€ MM
The deal is off for Aldemar and HIG
The merger discussions did not work out. Aldemar and HIG were planning a merger in the model of Oaktree and Andreadis. According to the agreement, HIG Capital covered a capital increase of TEN SA and bought the remaining stake of Aldemar and M. Papadopoulos.
While initially, the management of the two TEN SA hotels in Rhodes remained in Aldemar, as agreed, a common vehicle formula could not be found. Aldemar’s shareholders have reportedly denied joint venture, wishing to keep the hotel group autonomous.
Following that, Aldemar stopped the management of TEN AE hotels and HIG Capital turned to Atlantica that belongs to the Cypriot N. Nikolaidis. Atlantica represents the German travel group TUI in Greece.
HIG, on the other hand, ended up with two hotel units in Rhodes (Amillia Mare and Paradise Village) of a total capacity of 1600 beds, without a strategic partner who can act as a manager of its investments.