U.S. private equity firm Lone Star has agreed to sell its 75% ownership in Portugal’s fourth-largest bank, Novo Banco, to French banking group BPCE.
The deal values Novo Banco at 6.4 billion euros, equivalent to $7.39 billion, BPCE announced on Friday.
This confirms a report by Portuguese financial news outlet ECO, though the final price is slightly lower than the previously mentioned 7 billion euros. BPCE expects the sale to be completed in the first half of 2026.
The exchange rate used for the valuation was $1 to 0.8660 euros.
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