Pacific Investment Management Company LLC agreed to acquire Helix 2 Portfolio B from Bank of Cyprus Holdings Public Limited Company (CSE:BOCH) on January 18, 2021. The gross consideration amounts to 44% of the gross book value and 31% of the contractual balance payable in cash, of which 50% is payable at completion and the remaining 50% is deferred up to December 2025 without any conditions attached. The consideration can be increased through an earnout arrangement, depending on the performance of Portfolio B. The transaction is subject to a number of conditions, including customary regulatory and other approvals. The transaction is expected to complete early in second half of 2021. The transaction is expected to be broadly neutral for Bank of Cyprus's capital ratios. Allen & Overy LLP and Chryssafinis & Polyviou LLC acted as legal advisor for Bank of Cyprus. Morgan Stanley & Co. International plc and KPMG LLP acted as financial advisor for Bank of Cyprus