Africa’s richest woman Isabel dos Santos has reportedly completed the acquisition of a 65% stake in Efacec Power Solutions after signing a sale contract for more than $220 million.
Santos, 42, made the acquisition of the Portuguese company through her Winterfell investment company according to a report by online news service Macauhub.
In a statement issued by Winterfell in Lisbon, the company said the deal “aims to financially strengthen the Portuguese company, increase its investment capacity and performance in the market and boost its internationalization strategy by focusing on areas and geographies in which it holds superior competitive capabilities.”
Efacec Power Solutions manufactures power transformers, mobile substations, and distribution transformers. It also provides services in the engineering sector and has an annual turnover of more than $500 million. It has 2,500 employees and operates in 80 countries.
The José de Mello group and Têxtil Manuel Gonçalves were previously the controlling shareholders of Efacec but they had been looking for an investor to inject funds to improve the company’s balance sheet after posting a loss of $90 million in 2013. They now own the remaining 35% of Efacec through their holding company, Efacec Capital.
Isabel dos Santos is Africa’s richest woman with a fortune FORBES estimates at $3.3 billion.