Portugal transfers Novo Banco to Lone Star Funds
On 31 March 2017, the Portuguese Government reached an agreement to sell 75% stake of Novo Banco to the U.S. private-equity firm Lone Star Funds LP. The deal is estimated to amount to USD 1.07 billion. Novo Banco has been established by the Central Bank of Portugal in 2014 in order to rescue the collapsed Banco Espirito Santo by separating toxic assets in a "bad bank" and storing the "good" assets in Novo Banco.
Type: Entry and establishment (Ownership and control)
Industry: Services (Financial and insurance activities)
- Central Bank of Portugal website - Press Release, Comunicado do Banco de Portugal sobre o processo de venda do Novo Banco, Mar 31, 2017
- Media source (Dow Jones), Portugal Sells Novo Banco to Lone Star Funds--Update, Mar 31, 2017