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Apollo in exclusive talks to buy Tranquilidade

26 Aug 2014

lisbonPrivate equity firm Apollo Global Management is reportedly in exclusive buyout talks with Portuguese insurance business Tranquilidade.

The company, which is one of Espirito Santo’s units, could be valued at €200m in a deal, said Reuters, citing a source close to the deal.

Apollo expects to close the deal within the next two weeks and plans to provide €140m to the insurance group to boost its capital.

The rest of the consideration will be paid to Novo Banco, which was carved out of Banco Espirito Santo and is the formal owner of Tranquilidade.

Apollo was chosen because it offered a good price and was prepared to move fast on the deal as Tranquilidade urgently needs a capital injection to remain afloat, said the report.

Earlier this month Apollo released its interim results, which showed that the firm’s economic net income declined 32 per cent in the second quarter.

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