Portugal is targeting major business sales that could reach 4.5 billion euros, adding to the more than 5.4 billion already closed this year, for a total exceeding 10 billion euros in operations. Among the ongoing deals are TAP, Logoplaste, Indaqua, GamaLife, DSTelecom, Telcabo, Floene and REN, covering sectors such as air transport, water, packaging, telecommunications, insurance and energy.
Regarding TAP, the 45% stake for sale is valued between 800 to one billion euros, which values the company between 1.6 billion and two billion. The Parpública report evaluating the proposals from Lufthansa and Air France-KLM was submitted to the Government this week, followed by the negotiation phase. For Indaqua, the largest private operator of municipal water concessions in Portugal, the deal is in due diligence phase, with an expected sale above one billion euros by the French fund Antin Infrastructure Partners, with the final bidders being Manila Water, Igneo and the Canadian pension fund British Columbia Investment Management Corporation.
Logoplaste has 60% of its capital for sale by the Ontario Teachers' Pension Plan fund, in a deal that could reach one billion euros, with the company valued at 1.7 billion. DSTelecom is being sold by Cube Infrastructure Managers, with an expected generation above 500 million euros, with Vauban Infrastructure Partners and KKR fund best positioned. For GamaLife, the insurance company born from the transformation of GNB Vida is valued at 600 million euros, with Apax Partners having hired UBS and Nomura to find buyers, with Groupe BPCE in a privileged position.
In the energy sector, the merger between Galp and Moeve's fuels sales and refining businesses is expected to close by year-end, creating a company with 3,500 service stations and capacity to process 700,000 barrels daily. The Portuguese State announced in August the purchase of 14% of Galp for 380 million euros, including a premium of 55 million, from Amancio Ortega's Pontegadea Inversiones. The purchase is awaiting approval from the Court of Auditors and the purchase of a stake in REN was discussed, with China State Grid being the largest shareholder at 25%.
