LUXEMBOURG & DALLAS & NEW YORK & LONDON & TOKYO, April 30 — Nani Holdings S.à. r.l., an affiliate of Lone Star Funds (“Lone Star”), today announced it has successfully completed the sale of its majority stake in Novo Banco, S.A. (“novobanco” or “the bank”), Portugal’s fourth-largest bank, to BPCE, a leading European banking institution.
Pursuant to the purchase price mechanism agreed to in the June 2025 Memorandum of Understanding and the subsequent acquisition agreements of August and October 2025, the final acquisition price as of December 31, 2025, was set at €6.5 billion, implying a price-to-earnings multiple of 7.85 based on the 2025 net profit of €828 million. With the increase in novobanco’s equity during the first four months of 2026, the total acquisition price for 100% of the share capital of novobanco stands at €6.7 billion as of April 30, 2026.
Lone Star acquired a 75% stake in novobanco in 2017 and led a comprehensive transformation of the institution supported by the bank’s other shareholders, employees, clients and other relevant stakeholders. Over this period, novobanco strengthened its capital position, significantly reduced non-performing assets, enhanced its risk management framework, and invested in customer service and digital capabilities to better serve its clients. Today, novobanco is positioned as a resilient and profitable financial institution serving Portugal.
novobanco will now operate as part of BPCE, benefiting from the scale, expertise, and resources of one of Europe’s largest banking groups to support its continued growth and long-term development.
Donald Quintin, Chief Executive Officer of Lone Star Funds, said: “This transaction represents the successful culmination of our investment in novobanco, a multi-year partnership that repositioned the bank through investment and a targeted value creation strategy. We are proud of the transformation achieved alongside novobanco’s stellar management team and believe BPCE is the right long-term owner to support the bank’s continued growth and service to the Portuguese economy.”
