ECS funds sold for around €850 million
Caixa Geral de Depósitos, BCP, Novo Banco, Santander Portugal and Oitante have reached an agreement with the North Americans for the sale of the FLIT and Recuperação Turismo funds.
The ECS funds will be sold for around €850 million to US investment management company Davidson Kempner Partners. The banks, which own these funds, reached a final agreement last week, but the operation still depends on regulators and is only expected to be concluded at the end of the year, according to the Portuguese newspaper Jornal Económico.
Caixa Geral de Depósitos, BCP, Novo Banco, Santander Portugal and Oitante (ex-Banif) reached an agreement with the North Americans for the sale of FLIT and Recuperação Turismo funds, according to a source close to the process. The agreement did not include the Recovery Fund, which will remain on the banks’ side.
In this context, the banks may earn more money when this third fund is sold. The deal now depends on the market regulators, but the operation should be concluded at the end of this year.
