Novo Banco Acquired by BPCE in €6.4 Billion Deal
Deal News | Jun 14, 2025 | Iberian Lawyer
Groupe BPCE has announced a landmark acquisition of Novo Banco, Portugal's fourth-largest bank, from Lone Star Funds, for approximately €6.4 billion, in what is the largest cross-border banking acquisition in the eurozone in over a decade. CSAssociados, alongside the French law firm Darrois Villey Maillot Brochier, advised BPCE on the deal. Further legal consultation came from Macfarlanes on English law, with Lone Star being advised by Weil, Gotshal & Manges, and DLA Piper supporting in Lisbon. Slaughter and May advised Novo Banco. The acquisition also seeks to include stakes held by the Portuguese Government and the Bank Resolution Fund, confirmed at 11.5% and 13.5% respectively, under similar terms. The leadership of the advisory team at CSAssociados was headed by David Oliveira Festas, with contributions from a team of skilled partners and associates.
Sectors
- Banking
- Private Equity
- Legal Services
Geography
- Portugal – Portugal is the base country of Novo Banco, the target company in this transaction.
- France – Groupe BPCE, the buying company, is a French entity, thus significant to the geographic context.
- United Kingdom – Multiple legal advisers headquartered in the UK are involved in the deal, signifying the UK’s involvement.
Industry
- Banking – The primary industry involved is banking, as the deal concerns the acquisition of Novo Banco, a major Portuguese bank.
- Private Equity – The involvement of Lone Star Funds, a private equity firm, as the selling party makes PE a relevant classification.
- Legal Services – Several law firms are involved in advising the transaction, highlighting the role of legal services.
Financials
- €6.4 billion – The total purchase price for 100% of Novo Banco's share capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Novo Banco | Target Company | Company | Portugal's fourth-largest bank undergoing acquisition. |
| Lone Star Funds | Selling Company | Company | Private equity firm currently owning Novo Banco. |
| Groupe BPCE | Bidding Company | Company | French banking group acquiring Novo Banco. |
| CSAssociados | Legal Advisor | Company | Portuguese law firm advising BPCE on the acquisition. |
| Darrois Villey Maillot Brochier | Legal Advisor | Company | French law firm advising BPCE. |
| Macfarlanes | Legal Advisor | Company | Law firm advising BPCE on English law matters. |
| Weil, Gotshal & Manges | Legal Advisor | Company | London-based law firm advising Lone Star. |
| DLA Piper | Legal Advisor | Company | Advising in Lisbon on the transaction. |
| Slaughter and May | Legal Advisor | Company | Advising Novo Banco. |
| Portuguese Government | Stakeholder | Government | Holds a stake in Novo Banco, which BPCE is seeking to acquire. |
| Bank Resolution Fund | Stakeholder | Government | Holds a stake in Novo Banco, which BPCE is seeking to acquire. |