Angolan businesswoman Isabel dos Santos, via her Winterfell subsidiary, has completed the purchase of 65 percent of Efacec Power Solutions, after signing a sale contract for 200 million euros, reported the Portuguese business press.
The deal “aims to financially strengthen the Portuguese company, increase its investment capacity and performance in the market and boost its internationalisation strategy by focusing on areas and geographies in which it holds superior competitive capabilities,” said a statement from Winterfell released in Lisbon.
Efacec Power Solutions operates in the production of power equipment, including “transformers, switchgear, automation and electric mobility,” and provides services in the engineering sector.
The portuguese company posts annual turnover of around 500 million euros, has around 2,500 employees and operates in 80 countries.
For this acquisition Isabel dos Santos partnered Angolan national power company ENDE, which is 100 percent owned by the Angolan state.
In a statement, the José de Mello and Têxtil Manuel Gonçalves groups said they remained owners of 100 percent of Efacec Capital (which now owns 35 percent of Efacec Power Solutions) and that this company would keep the group’s maintenance of renewable energy business, which were not included in the deal with Isabel dos Santos. (macauhub/AO/PT)