Novo Banco, BCP and Caixa Geral de Depósitos have concluded the sale of ECS funds to US fund Davidson Kempner Partners. The biggest deal of the year took place on 29 December, for around 850 million euros, the banks told CMVM. PLMJ advised the Americans on the transaction.
DK Partners is acquiring the Tourism Recovery Fund, a venture capital fund, the shares held by the banks in FLIT - PTREL, SICAV-SIF, S.C.A. and the assets held directly and indirectly by FLIT.
Novo Banco was the only one to indicate how much it will receive from the operation, according to Negócios - 224 million euros. For banks, the sale of ECS will allow them to reduce their exposure to 'risk assets' by around 40%.
It should be noted that, despite the package being smaller than initially planned (after seven assets were withdrawn), DK maintained its interest in it.
As part of the so-called Crow Project, Davidson Kempner European Partners acquired two private equity funds - one Portuguese and one Luxembourgian -, a group of Portuguese companies that also own real estate assets and ECS, for 850 million euros.
The North American fund's portfolio includes NAU Group hotels, Palácio do Governador and Cascatas Golf & Resort Spa by Hilton, among others.