Portobello has disposed of 4.94 million shares representing a 4.3 per cent stake in Cie for €5.98 per share, valuing the stake at €29.6m, to BlackRock, said Bloomberg, citing two people with knowledge of the matter.
The sale came a month after Cie bought a majority stake in Mahindra Group’s auto component business for $116m, while selling a 13.5 per cent interest to Mahindra & Mahindra for €94.24m.
Portobello makes equity investments of €10m to €100m in Spanish and Portuguese businesses with an enterprise value of between 50m and €500m.
The firm considers investment sin any sectors apart from financial services, real estate and IT.
Recent deals in Spain included the acquisition of a majority stake in fragrance and flavours manufacturer Iberchem by private equity firm Magnum Capital.
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