“It was the right solution. It’s an operator with enormous prestige that’s a partner of BCP in an operation in France. It will add value and make our life difficult,” stated Miguel Maya in response to journalists during the press conference presenting the bank’s results.
The CEO of BCP further remarked that this choice would compel the bank to be more innovative, adding that he has “no fear” regarding this issue.
On June 13, Lone Star reached an agreement with the French banking group BPCE to sell Novo Banco for an amount equivalent to a valuation of 6.4 billion euros for 100% of the share capital.
“Novo Banco, S.A. (‘novobanco’ or the ‘Bank’) informs that its majority shareholder, Nani Holdings S.à r.l. (an entity owned by Lone Star Funds), signed a Memorandum of Understanding to sell its shareholding position to BPCE for an amount equivalent to a valuation of approximately 6.4 billion euros, at the end of 2025, for 100% of the share capital,” read a statement sent at the time to the Portuguese Securities Market Commission (CMVM).
The sale of the Resolution Fund’s 13.54% stake in Novo Banco will generate a gross inflow of about 866 million euros, according to the Fund.
Meanwhile, the Government will sell to BPCE the capital of Novo Banco controlled directly by the Ministry of Finance, accompanying the disposal of Lone Star’s 75% in a deal that values the bank at 6.4 billion euros.
