Angolan consortium buys stake in Portuguese engineering company Coba

21 January 2011

Lisbon, Portugal, 21 Jan – an Angolan consortium led by state company Sonangol has acquired a stake in Portuguese engineering company Coba – Consultores de Engenharia e Ambiente, the company said in a statement issued Thursday.

The deal, the statement said, aimed to boost development of the company’s business areas in three strategic regions, Portugal, Southern Africa and Brazil, “ensuring its sustainability and the stability of employment of its staff.”

Without providing details of the percentage sold, or the amount involved in the transaction, the statement said that, “the sides agreed to preserve, in its essence, the Coba spirit and culture, via a healthy partnership that makes it possible to continue to keep the company’s position as the market leader in engineering consultancy.”

According to Portuguese newspaper “i” citing Alexandre Portugal, one of the company’s directors, Coba sold a majority stake to the Angolan consortium.

Coba was owned by around 70 company staff after a management buyout in 2007. These staff members will continue to own part of and be involved in the company’s management. (macauhub)