Lone Star Funds, a private equity firm, agreed to acquire Bank of Cyprus, a Cypriot financial services company, for €700m. "Lone Star recognises the company's strategic significance to Cyprus. As a global investor with a strong track record of investing in the financial sector including Germany's IKB Deutsche Industriebank and Portugal's Novo Banco, Lone Star takes its custodianship of strategic financial institutions seriously as well as ensuring businesses flourish under its ownership," Lone Star.