From the list of candidates for the purchase of the ‘Solaris Project’, EOS Partners has made the highest bid for the portfolio of non-performing loans (NPL) in Portugal and will therefore win the portfolio of problem assets.
According to sources close to the process, EOS stood out from the other bidders with a bid of €85 million, while the other candidates submitted bids of between €63 million and €66 million.
LCM Partners, Cerberus, Balbec-Lx Partners and NorthWall Capital were also in the running.
In Portugal alone, the value of the NPL portfolio was €870 million. In Spain, the Portuguese servicer put a portfolio of €480 million up for sale.
The ‘Solaris project’ in Portugal consists mainly of loans to individuals totalling €620 million and loans to SMEs totalling €200 million, with an average loan size of six thousand euros.
It is a secondary market operation, competing in the market with other NPL portfolios of major banks such as CGD, Crédito Agrícola, Novobanco, Santander Totta, BCP, Banco Montepio and Bankinter/Universo.
Servdebt, the Portuguese asset management and recovery company, has mandated Alantra to sell its own portfolio of NPLs in the Iberian Peninsula totalling €1.350 billion. The portfolio consists mainly (but not exclusively) of unsecured loans.
Eon Partners is a US-based alternative investment firm that invests in private equity, credit and capital markets.
Original Story: Jornal Económico | Author: Maria Teixeira Alves
Edition and translation:te: Prime Yield