Centerbridge, AnaCap consortium reportedly close to buying Nova Galicia's EVO Banco.
M2 EQUITYBITES-September 3, 2013-Centerbridge, AnaCap consortium reportedly close to buying Nova Galicia's EVO Banco(C)2013 M2 COMMUNICATIONS http://www.m2.com
3 September 2013 - A consortium of private equity firms Centerbridge Partners LP and AnaCap Financial Partners LLP is in late-stage negotiations to purchase Spanish nationalised lender Nova Galicia's unit EVO Banco, the Financial Times reported, quoting insiders.
According to the people close to the discussions, the transaction should complete in the next couple of weeks. They noted there was also another US buyout fund vying for the subsidiary, which is controlled by bank restructuring fund FROB.
Nova Galicia has confirmed it is pushing ahead with the offload, without commenting on the bidders, the paper said.
The suitors put in final bids two weeks ago and are currently conducting due diligence on EVO Banco, which Nova Galicia has to shed in order to be able to get EU rescue funds, people close to the sale told the Financial Times.
The two bidders have already successfully submitted applications to obtain banking licences in Spain.
Italy's Mediobanca Group (BIT:MB) and France's BNP Paribas SA (EPA:BNP) were said to be advising Nova Galicia and FROB on the move, respectively.
EVO operates 80 locations outside Nova Galicia's home regions of Galicia, Asturias and Leon. It has a workforce of some 600.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 3, 2013|
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