BPCE completes Novobanco takeover for €6.7 billion

France’s BPCE has completed its acquisition of Novobanco for €6.7 billion, finalising a major deal in Portugal’s banking sector at a price €200 million above the initial estimate. ECOnews reported that the transaction was closed on Thursday, giving the French group full ownership of the bank.

According to a statement sent to CMVM, Portugal’s securities market regulator, the final purchase price as of December 31, 2025 was set at €6.5 billion, based on Novobanco’s 2025 net profit of €828 million, equivalent to a 7.85 times earnings multiple. The total rose to €6.7 billion by April 30, 2026, reflecting the increase in Novobanco’s equity during the first four months of 2026.

With the closing, BPCE acquired the 75% stake held by US fund Lone Star as well as the shares owned by the Portuguese state and the Resolution Fund, taking control of 100% of the bank’s capital. Novobanco said the deal concludes its multi-year transformation process and leaves it with a stronger financial profile, robust capital and sustainable profitability.

The transaction also brought governance changes. Four members of the General and Supervisory Board appointed by the previous main shareholder are leaving and three BPCE appointees are joining. On the executive board, the main change is in the chief financial officer role, where Benjamin Dickgiesser will be replaced by Teresa Mora-Grenier. The bank also said its statutory auditor will change from EY to PricewaterhouseCoopers & Associados.

Originally published at Eco.pt