Angolan businesswoman Isabel dos Santos pays 200 million euros for Portuguese company

3 June 2015

The agreement for the acquisition of 65 percent of Portuguese engineering company Efacec Power Solutions by Angolan businesswoman Isabel dos Santos is about to be signed, the Portuguese press reported Tuesday.

José de Mello Group and Têxtil Manuel Gonçalves Group, which to date were the largest shareholders of the company, will now have minority interests, in what is the the first major acquisition by the Angolan businesswoman in the industrial sector.

This acquisition, in addition to maintaining the focus on the company’s internationalisation, should also allow Efacec to increase its presence in Angola, where it has previously provided services in the areas of engineering, telecommunications infrastructure, transformers and electrical equipment. Its customers in Angola include Unitel, a telecommunications operator in which Isabel dos Santos is the biggest shareholder.

Efacec Power Solutions is the result of restructuring of the Efacec group, which brought together the group’s core business in this company and other businesses were handed over to Efacec Global.

In 2014, under its restructuring plan, Efacec sold its subsidiaries Power Transformers in the US and Energy Service, in Brazil.

The latest financials for Efacec date back to 2012 when the company recorded a loss of 90.5 million euros. (macauhub/AO/BR/PT)