Exclusive talks between Carige bank and Apollo Management Holdings about the sale of insurance companies Carige Assicurazioni and Carige Vita Nuova will go on until October 15, Carige’s Board of Directors decided yessterday.
The decision has been taken to allow the two counterparts to set up the last details of the deal. The US private equity operator focused on distressed assets was chosen last July by Carige’s Board of Directors as an exclusive counterpart for selling its two insurance companies. Negotiations had a deadline last September 30th and the deal value is around 400 million euros (see a previous post by BeBeez).
Apollo remains then the principal candidate to acquire the two companies even if in the last few weeks German Talanx group and Italian Itas bank renewed their interest in the dossier.
The sale of the two insurance companies is part of a more complex restructuring plan put forward by Carige’s ceo Piero Montani.