According to sources, Novo Banco and Mota-Engil will receive in January binding proposals for the purchase of a 60% stake in Ascendi. Novo Banco holds 40% of Ascendi, and the remaining 60% is owned by Mota-Engil group.

The process is at the stage of 'due diligence' and the final proposals are expected to be near €400 million (US$430 million).

Haitong Bank is acting as advisor for the transaction, which will include the sale of all the shares held by Novo Banco plus a 20% stake owned by Mota-Engil.

According to the same sources, the companies that could be interested in the deal are, among others, Isolux, Brookfield and Ardian.

Ascendi operates and maintains road concessions in Spain, Mexico, Brazil, Mozambique, and Portugal. The company offers asset management services. The company was incorporated in 2010 and is based in Algés, Portugal. 

Ascendi has debt of approximately €500 million (US$537.5 million). Among Ascendi's creditors are Novo Banco and BCP. The buyer will have to renegotiate this debt.