BPCE Is Nearing an Almost €7 Billion Deal for Novo Banco
Lone Star Funds has decided to pursue a sale of Portuguese lender Novo Banco SA and has entered into exclusive discussions with French banking group BPCE, according to people familiar with the matter.
The US private equity firm and BPCE are working on finalizing terms of a deal, which could value Novo Banco at almost €7 billion ($8.1 billion), the people said. The move means an initial public offering of Novo Banco is likely off the table, the people said. An agreement may be announced as soon as Friday, though talks could still drag on longer, the people said.
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