Singaporean sovereign wealth fund GIC has acquired a majority stake in Mediterranean luxury resort company Sani/Ikos Group.
The deal, which is expected to close in the fourth quarter of this year, values the company at about $2.24 billion.
Sani/Ikos Group owns and operates 10 resorts in Greece and Spain under the Sani and all-inclusive Ikos brands.
The hospitality company plans to expand throughout Greece and Spain with upcoming openings in Corfu, Crete and Mallorca. It also will make its Portugal debut with a resort in Algarve.
Following the transaction, Sani/Ikos Group will be led by its founders -- Andreas Andreadis and Mathieu Guillemin as co-CEOS and co-managing partners, and Stavros Andreadis as honorary chairman.
GIC's investment comes as Sani/Ikos Group reports a robust performance for 2022, with bookings up 57% from 2019.