23-May-2012 10:36 AM

Portuguese Government selects investment banks to run TAP Portugal privatisation

Portugual's Government selected four investment banks to oversee TAP Portugal’s privatisation (Dow Jones/Wall Street Journal, 22-May-2012). Credit Suisse Group AG, Barclays PLC, Citigroup and Banco Espirito Santo Investment were selected to run the sale which is expected to close by the end of 2012. The privatisation is one of Portugal’s conditions for its EUR78 billion bailout programme. The four banks will also work on the privatisation of Portuguese airport operator Aeroportos de Portugal SA. TAP is valued at approximately EUR1.2 billion when valued “on a multiple of eight times earnings before interest, taxes, depreciation and amortization in 2011”. Aeroportos de Portugal SA is valued at EUR1.6 billion using the same calculation.