Angolan businesswoman buys majority stake in Portuguese group Efacec

15 April 2015

Angolan businesswoman Isabel dos Santos will pay 200 million euros for a majority stake in Portugal’s Efacec Power Solutions, a group founded to bring together the core assets of Efacec, reported Portuguese financial newspaper Diário Económico.

The newspaper added that negotiations between Isabel dos Santos, the José de Mello group and creditor banks are well advanced and the transaction is expected to be completed soon.

Diário Económico said that the race to buy Efacec Power Solutions has already ruled out Chinese group China State Grid, the main shareholder of Redes Energéticas Naturais (REN), which had shown interest in acquiring the Portuguese group.

In October 2014, Portuguese financial newspaper Jornal de Negócios reported that Efacec’s shareholders – the José de Mello group and Têxtil Manuel Gonçalves – had yet to make a decision on the future partner.

The Portuguese industrial group specialising in electronics and electromechanics, which in 2013 recorded a loss of 90.5 million euros mainly from its operations in Brazil, has been looking for a partner to improve its balance sheet and continue to invest. (macauhub/AO/BR/CN/PT)