IMAP is pleased to announce that IMAP Portugal (Invest Corporate Finance) acted as exclusive financial advisor to Caixa Económica Montepio Geral (“Banco Montepio”) on the sale of its 19% equity stake in Almina Holding S.A. (“Almina”).
Banco Montepio, one of the largest Portuguese banks, sold its equity participation in Almina for a total consideration of €67 million, corresponding to a total enterprise value of around €450 million.
Founded in 1844, Banco Montepio is the oldest Portuguese financial institution, currently managing over €17.9 billion in assets. The completion of this operation enabled Banco Montepio to effectuate its plan to reduce non-strategic assets and increase capital ratios.
Almina is a leading mining company operating in the extraction of pyrites, sulphides, and other ores in Portugal, including copper, zinc and silver. It also has lithium and tin exploration activities. The company’s core facility operates the second-largest mining site in the Iberian Pyrite Belt, the main metallogenic province of the European Union. In 2019, Almina generated more than €130 million in revenues, and an EBITDA of c. €43.5 million.
The IMAP Portugal team, led by Gonçalo Vaz Botelho and Pedro Benites, acted as exclusive advisor to Banco Montepio.