Novo Banco to be sold for €6.4B: CS’Associados advises BPCE
CS’Associados, alongside French law firm Darrois Villey Maillot Brochier, has advised Groupe BPCE in the signing of the memorandum of understanding for the acquisition of Novo Banco, Portugal’s fourth-largest bank, currently owned by Lone Star Funds. The deal, valued at approximately €6.4 billion (for 100% of the share capital), is the largest cross-border banking acquisition in the eurozone in over a decade and one of the biggest M&A transactions ever carried out in Portugal, according to BPCE.
According to other sources, in addition to the mentioned advisors, Macfarlanes is also advising BPCE on English law matters. Lone Star is being advised by Weil, Gotshal & Manges in London, while DLA Piper is advising in Lisbon. Slaughter and May is reportedly advising Novo Banco.
The CS’Associados team was led by partner David Oliveira Festas and included lawyers from various practice areas, including partners Maria Castelos, Bernardo Abreu Mota, António Rocha Mendes, António Rocha Alves, André Salgado Matos (all pictured from left to right), and several associates, such as Francisco Albuquerque Reis and Maria Almeida Garrett.
BPCE also stated that it is “in discussions with the Portuguese Government and the Bank Resolution Fund to acquire their stakes in Novo Banco (11.5% and 13.5%, respectively), under identical terms.” This has already been confirmed by the Ministry of Finance.
