AFRICANGLOBE – One of 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 (REN), had initially expressed interest in acquiring the Portuguese group, but according to Diário Económico, the shareholders were better disposed to Isabel dos Santos.
Negotiations between Isabel dos Santos, the José de Mello group and other parties involved are at an advanced stage and the deal is expected to be concluded anytime soon.
Isabel dos Santos is one of Africa’s richest women with a fortune estimated at $3.3 billion. But she is not slowing down on her deal making just yet. Earlier this week, news emerged that the Angolan businesswoman is looking to acquire a stake in Zimbabwean telecoms company Telecel. She already owns large stakes in Unitel, Angola’s largest mobile phone network, Portuguese bank Banco BIC and oil and gas firm Galp Energia among other investments. She is believed to be holding many of these assets in trust for her father, Angolan President Jose Eduardo dos Santos.
By: Mfonobong Nsehe