July 9, 2019 / 2:24 PM / 2 months ago

Generali in exclusive talks to buy Portugal's Tranquilidade - sources

LISBON/LONDON, July 9 (Reuters) - Italian insurer Generali has entered exclusive negotiations to buy Portuguese insurance firm Tranquilidade, two sources familiar with the matter said.

Generali has outbid Spanish insurance firm Grupo Catalana Occidente and is in final talks to buy Lisbon-based Tranquilidade, the sources told Reuters.

The deal values the company - which is Portugal’s second biggest insurer - at between 550 and 600 million euros ($672 million) and is expected to be signed next week, one of the sources said.

Generali declined to comment. ($1 = 0.8924 euros) (Reporting by Sergio Goncalves in Lisbon and Pamela Barbaglia in London, additional reporting by Gianluca Semeraro in Milan, editing by Alexander Smith)

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