Dallas-based Lone Star’s bid for Bank of Cyprus looks very different from its takeover of Portugal’s Novo Banco. It also stands in contrast to other big US private equity purchases of European banks over the previous decade. Those typically involved deep restructurings and involved banks that could only turn to US financial sponsors to meet European Union privatization deadlines after massive bad-debt pile ups and state bailouts.
Recent deals in this latter vein have included Lone Star’s 2017 purchase of Novo Banco, which involved the good bits of the defunct Banco Espirito Santo.
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