Harneys has advised Morgan Stanley Private Equity Asia (Morgan Stanley), as to matters of Cypriot law, in its investment in obtaining the majority ownership of the leading Greek natural cosmetics producer Korres. Morgan Stanley and Chinese company Profex acquired a majority share in Korres for €48.3 million (US$58 million). The transaction was made through Cyprus-based Nissos Holdings, a company founded by Korres.
Harneys Partner Demetris Loizides led the team and commented: “We are delighted to have acted on this successful acquisition, showcasing the expertise of our Corporate and Commercial practice group in Harneys Cyprus”. The team also included Senior Associates Valentina Hadjisoteriou and Sonia Hamshaw.