Case details

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Merger control
Case reference
Ccent/2025/15 - ACO Cedar / Troiaresort*Aqualuz Troia
Acquiring
ACO Cedar s.à.r.l.
Description
Company based in Luxembourg, part of the Arrow Group. The activities of the Arrow Group, in Portugal, essentially correspond to the management of overdue and doubtful loans (“non-performing loans” or “NPLs”), investments in the real estate sector, including through Norfin and Whitestar, the operation of tourist accommodation and golf course developments, and the production and sale of ceramic flooring and coverings.
Acquired
Aqualuz Troia - Exploração Hoteleira e Imobiliária, S.A.
Description
Dedicated to the development and management of tourism and real estate projects on the Tróia Peninsula, currently part of the Sonae Group. Its activity includes the development, operation and management of various tourist developments, including hotels, apartments, semi-detached houses, a golf course, the Tróia marina, maritime transport concessions, bathing facilities and beach facilities.
Acquired
Troiaresort, SGPS, S.A.
Description
Dedicated to the development and management of tourism and real estate projects on the Tróia Peninsula, currently part of the Sonae Group. Its activity includes the development, operation and management of various tourist developments, including hotels, apartments, semi-detached houses, a golf course, the Tróia marina, maritime transport concessions, bathing facilities and beach facilities.
Sector
Activity (NACE)
Applicable legislation
Notification thresholds
Type of merger
Cooperation with sector regulators
Status
Ongoing
Type of Investigation
AdC’s decision
Case description

The merger operation consists of the acquisition, by ACO Cedar (part of the Arrow Group), of exclusive control of Troiaresort and Aqualuz, through the acquisition of the entirety of their respective shareholdings (“Target Companies”).

Timeline
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