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Investing.com -- French banking group BPCE is in exclusive talks to acquire Portuguese lender Novo Banco SA from US private equity firm Lone Star Funds in a deal that could value the bank at nearly €7 billion ($8.1 billion).
The negotiations indicate that Lone Star has decided to pursue a sale rather than proceed with an initial public offering for Novo Banco, according to Bloomberg, citing sources familiar with the discussions.
Both parties are currently working to finalize the terms of the transaction. An agreement could be announced as early as Friday, though the discussions might extend longer.
The potential acquisition would mark a significant move for BPCE in expanding its presence in the European banking sector. If completed at the expected valuation, the deal would represent one of the larger banking acquisitions in Europe in recent years.
Lone Star Funds, which currently owns Novo Banco, has been exploring exit options for its investment in the Portuguese financial institution.
The discussions remain ongoing, and no final decisions have been made, meaning the plans could still change.
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