If, in the Liga Portugal Betclic, Benfica is approaching the end of a difficult campaign, in the financial market the end of April brought more positive news for SAD. In fact, Benfica SAD (SLBEN) shares, listed on Euronext Lisbon, reached their highest valuation ever at the end of April, trading above 8 euros for the first time on April 29.
The appreciation occurred after the communication to the market of the agreement for the purchase, by Entrepreneur Equity Partners SPV V, LLC, of 16.38% of the share capital and voting rights of Benfica SAD. According to the information communicated to the CMVM and reported by Jornal de Negócios and Jornal Económico, the operation is still subject to prior approval of the transfer of shares at the SAD general meeting and the fulfillment of other contractual conditions, with completion scheduled for the end of July 2026.
SLBEN appreciated by 26.9% in April
The jump in Benfica SAD shares occurred mainly in the last days of April, with emphasis on the Euronext Lisbon sessions on April 28th and 29th. SAD closed the month with an appreciation of 26.9% compared to the end of March.
On April 29, the shares closed at 8.16 euros, after reaching an intraday high of 8.28 euros. In the following sessions, however, the securities partially corrected, so the rally should not be presented as a continuing trend.
The movement occurred in a month of volatility in the markets. According to an analysis by Maxyield cited by Jornal Económico, the PSI rose 2.3% in April and showed, at the end of that month, an annual appreciation of 33.6% in relation to April 30, 2025.
The appreciation of the PSI, Euronext Lisbon’s main index, has been significant in recent months, even in a scenario of challenges in attracting investors. Using derivatives or CFDs, for example, can allow exposure to international markets, without directly purchasing the underlying asset. Still, these instruments involve high risk, mainly due to leverage.
Fund agreed to purchase Benfica SAD shares that belonged to “Rei dos Frangos”
The North American fund Entrepreneur Equity Partners SPV V, LLC agreed to purchase 16.38% of the capital of Benfica SAD, in an operation communicated to the market on April 27th. The shares belonged to José António dos Santos, known as the “King of Chickens”, by his wife, Maria Isabel Gomes dos Santos, and by Grupo Valouro.
According to Correio da Manhã, cited by , the businessman could obtain a gain of close to 40 million euros from the deal, if the operation is completed. The same information says that, in the last nine years, José António dos Santos acquired shares in the incarnated SAD for a value between 7.1 and 8.3 million euros.
The value of the transaction was not officially communicated to the market. Jornal de Negócios states, however, that the completion of the transfer of shares is scheduled for the end of July, if the required conditions are met.
Santos was until then the main individual investor in Benfica SAD. Before that, he had already become known for having built, with his family, the Valouro Group, one of the largest Portuguese groups in the agri-food sector. His involvement in the poultry and feed business earned him the nickname that remains to this day.
Benfica prepares to host World Cup games
While Benfica SAD shares were highlighted on the stock market, the club also plans an estimated investment of 220 million euros for the “” project. In January, the partners approved the proposal.
The plan is to renovate the space around the Estádio da Luz, in Lisbon, by 2030. The goal is related to the 2030 World Cup, which will be organized by Portugal, Spain and Morocco. Luz, Alvalade and Dragão will be the three Portuguese venues for the competition.
The “Benfica District” was one of Rui Costa’s banners during the campaign that re-elected him as president of the Lisbon club. In the January vote, the project received 59.24% of favorable votes from partners, which represented a green light for the idea.
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