Sonae intends to sell half of its banking business, which operates under the Universo brand, to Spain’s Bankinter. The transaction is still subject to regulatory approvals and could be completed in the second half of this year.
According to the agreement, Bankinter will take over half of Universo’s business, for 19 million euros, plus another 5 million contingents, whose payment is deferred for five years. The transaction, according to a statement from Sonae to CMVM, has an underlying equity value of Universe of 45 million euros. But this operation will mean a capital gain of 12 million euros for Sonae.
Sonae will begin recording in its accounts the 50% that will remain of the Universe by the equity method.
Last December, Sonae had already announced the principle of an agreement with Bankinter for the creation of a joint venture for “the combination of the businesses of the Universe”, creating “a leading operator in consumer credit in Portugal”, it said in its moment the company Claudia Azevedo. With this agreement in principle, Sonae reviewed the terms of the partnership it had with Banco CTT, established in 2021. The partnership, it was said in a statement, would continue until December 31, 2023, but Universo was left with the option of buys. existing credit portfolio at Banco CTT.
Universo has more than one million customers and a loan portfolio of approximately 400 million euros. In 2022 it invoiced 30 million euros.
Sonae explains that “the creation of this joint project [com o Bankinter] it fits with Sonae’s active portfolio management strategy and allows it to take advantage of the group’s financial services business, benefiting from a partner with complementary skills that will help accelerate its development plan.” Quoted in a statement, Sonae’s financial director, João Dolores, once again expressed the objective of “creating a leading consumer credit operator in Portugal.”
Source: Observadora
