Buyout group Apax is targeting a valuation of about 600 million euros ($691.56 million) for GamaLife, the sources said.
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DEAL DETAILS
• Apax expects binding offers in the coming weeks and aims to reach a deal early next year, the people said.
• BFF, BPCE, Generali declined to comment.
KEY CONTEXT
• Lisbon-based GamaLife was founded in 2019 by Apax and acquired Zurich Insurance Group’s Italian life and pensions back book in 2022. The 2022 acquisition included a portfolio of life insurance policies and pension funds totalling 7 billion euros.
• Generali announced the acquisition of the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros in 2023.
• BPCE agreed on the acquisition of Novo Banco in June this year. Novo Banco has a distribution agreement with GamaLife.
($1 = 0.8676 euros)
Reporting by Andres Gonzalez and Gianluca Semeraro. Aditional reporting by Elvira Pollina, Mathieu Rosemain. Editing by Anousha Sakoui and Louise Heavens
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Andres Gonzalez covers M&A for Reuters, based in London. With over 12 years of experience as a correspondent in Spain, he has reported on diverse sectors, including banking, TMT, energy, infrastructure and real estate. Andres has also reported on significant breaking news events, such as the Barcelona attacks and several general elections, showcasing his versatility and ability to handle critical and time-sensitive stories Andres’ journalism career began at Reuters in Spain, where he honed his expertise in financial reporting. Seeking new challenges, he ventured into the world of Public Relations, working for Banco Santander with a particular focus on Wealth Management and Investment Banking divisions. His experience in both journalism and PR has provided him with a well-rounded perspective on the financial industry.
Generali, BFF Bank and BPCE line up offers for Apax’s insurer GamaLife, sources say
