Banks sell ECS funds for €850M to DK Partners

Banks sell ECS funds for €850M to DK Partners

The ECS funds will be sold for around €850 million to Davidson Kempner Partners. The North American fund has been pointed out in the market as the main candidate to win this race for some time.

According to Jornal Económico, the final agreement for the sale of ECS Capital restructuring funds was signed two weeks ago between DK Partners and Caixa Geral de Depósitos, BCP, Novo Banco, Santander and Oitante. The operation should be concluded during the last quarter of this year, depending on the regulators.

The business encompasses the sale of the FLIT and Recovery Tourism funds, as well as the management of the company. Out of the agreement was only the Recovery Fund, which will remain on the side of the banks. Despite the package being smaller than initially planned (after seven assets were withdrawn), DK maintained interest in it.

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