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Private-equity buy-outs are not the ideal solution to capital shortages at European banks. But needs must. These deals are on the up, made possible by the grudging acquiescence of the European Central Bank and the appetite of a handful of US distressed-debt investors, principally Apollo, Cerberus and Lone Star.
They are no longer restricted to minor lenders.
The pending central bank sale of Portugal’s Novo Banco could see Lone Star take a majority stake in a systemically important bank in a medium-sized European economy.
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