Apollo Global Management aims at building an insurance pole for South Europe merging insurance businesses from Italian Carige bank and from Portuguese Banco Espirito Santo, MF DowJones press agency wrote yesterday.
The US private equity operator focuses on distressed assets was chosen last July by Carige’s Board of Directors as an exclusive counterpart for selling its two insurance companies Carige Assicurazioni e Carige Vita Nuova (see a previous post by BeBeez). Negotiations have a deadline next September 30th and the deal value is around 400 million euros.
At the same time Apollo is in exclusive talks in order to by insurance company Tranquilidade from Banco Espirito Santo for a 200 million euros entire consideration (see here an article by Reuters), La transazione, però. è osteggiata dai creditori del Banco Espirito Santo (see here an article by Reuters).