Mutares has already signed an agreement to acquire Efacec from the state for an undisclosed amount, with the deal scheduled to close in the third quarter of 2023.
“Mutares has signed an agreement to acquire Efacec from the Portuguese state as part of a re-privatization process launched at the end of 2022. The completion of the transaction is scheduled for the third quarter of 2023. .
On June 7, the government approved Mutares’ proposal to privatize Efacec, without disclosing the amount.
The state has invested 132 million euros in Efacec, to which another 85 million euros must be added in the form of guarantees.
Parpública also announced this Friday that it has signed a sale and purchase agreement (SPA) for 71.73% of Efacec with Mutares.
“With the signing of the VCT, the implementation phase of the preconditions begins to complete operations,” he said in a statement.
The preconditions include permission from the European Commission, which in turn requires market testing, opinions from the competition authorities and negotiations with financial lenders.
Economy and Maritime Minister António Costa Silva has already said he has “high hopes” for the reimbursement of this amount.
In a note published this Friday, the German fund classified the company as a “great option” for its portfolio, saying it would benefit from a platform that would allow it to regain its leading position.
On the other hand, he stressed that Efacec is the main Portuguese company producing equipment and critical solutions in the field of energy, mechanical engineering and mobility, with a “strong specialization in energy transition”.
Efacec, headquartered in Matosinhos, has around 2,000 employees.
“Globally, this is a well-known company that is ready to make positive changes in critical infrastructure in the context of the energy transition and the circular economy,” he said.
In April, Parpública announced that it had received improved offers from four candidates to buy 71.73% of Efacec as part of the company’s re-privatization process.
Proposals for improved bonding have been submitted by Mutares, Oaktree, Oxy Capital and Agrupamento Visabeira-Sodecia.
Last November, the government approved a new process to reprivatize the state-owned 71.73% stake with a new set of specifications after it was announced on October 28 that the sale of Efacec to DST was not completed. by checking “all the necessary conditions” for the implementation of the contract of sale.