Isabel Dos Santos To Buy $200M Stake In Portuguese Company

Isabel Dos Santos To Buy $200M Stake In Portuguese Company

From Forbes. Story by Mfonobong Nsehe.

Africa’s richest woman, Isabel dos Santos, is reportedly finalizing a deal to acquire a majority stake in Efacec Power Solutions, a Portuguese electromechanics company.

According to Portuguese newspaper Diário Económico, the Angolan businesswoman will pay more than $200 million for a majority stake in the company which manufactures power transformers, mobile substations, and distribution transformers.

Efacec Power Solutions is headquartered in Matosinhos, Greater Porto area, Portugal, but it has operations in North America, Southern and Northern Africa.

The company, which posted a loss of more than $90 million in 2013, has been struggling to stay afloat. The firm’s major shareholders, the José de Mello group and Têxtil Manuel Gonçalves had been looking for a new investor to inject funds to improve its balance sheet.

The State Grid Corporation of China, the main shareholder of Portuguese electric utility company Redes Energéticas Naturais, had initially expressed interest in acquiring the Portuguese group, but according to Diário Económico, the shareholders were better disposed to Isabel dos Santos.

Read more at  Forbes.