Apollo, Blackstone among buyout firms interested in Banco Popolare ‘bad bank’ unit

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fat-euro_sqUS private equity majors Apollo Global Management and Blackstone are reportedly among five buyout houses interested in the “bad bank” unit of Italy’s Banco Popolare.

Cerberus, Fortress and Lone Star are also considering bids for the asset according to Reuters, which cited two unnamed sources.

The bank revealed last week it planned to sell a majority stake in its Release unit, which owns and manages troubled loans and real estate assets worth about €3.2bn.

Reuters added that the bank has hired Equita Sim to advise on the sale.

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