BPCE Strikes Deal for Portugal’s Novo Banco with Lone Star
26 Articles
26 Articles
Lone Star announces the sale of novobanco to BPCE
Lone Star agrees to sell Portugal's Novo Banco to BPCE
French banking group BPCE has agreed to buy US private equity fund Lone Star's 75% stake in Novo Banco in a deal that values Portugal's fourth-largest bank at €6.4 billion, following a wave of consolidation in European banking.
BPCE enters into exclusive negotiations to buy the Portuguese bank Novo Banco, valued at 6.4 billion euros, from the US fund Lone Star. The group continues its European expansion, driven by the good results and growth potential of its target.
North American Fund Lone Star, owner of 75% of the New Bank, agreed to sell to the French of the BPCE by 6.4 billion. Treasure and Resolution Fund receive, in total, 25% of the value.
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