The Portuguese fund ESC Capital that contained assets belonging to the former Espírito Santo Group has been sold to the US fund Davidson Kempner for €850 million.
Now awaiting approval from regulators, the news was broken on Friday by Jornal Económico.
The sale to DK is likely to be completed by the last quarter of the year, and will take place after a final agreement between the fund and a number of banks including Caixa Geral de Depósitos, BCP, Novo Banco, Santander and Oitante (vehicle created by the Bank of Portugal and holding failed bank Banif assets).
Source:
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