Generali buys Portuguese assets from Apollo for $674 million

FILE PHOTO: An Assicurazioni Generali SpA's logo is seen on a building of their offices in Saint-Denis, near Paris, France, February 27, 2018. REUTERS/Benoit Tessier

MILAN (Reuters) - Italy's top insurer Assicurazioni Generali GASI.MI has reached a deal to buy Portuguese insurer Seguradoras Unidas and a smaller service company from U.S. fund Apollo Global Management APO.N for a total of 600 million euros ($674 million), it said on Thursday.

Seguradoras Unidas, also known as Tranquilidade, is the second largest non-life business operator in Portugal with

a 15.5% market share in the segment.

Generali said it had agreed to buy the company for 510 million euros, while it will pay 90 million euros for AdvanceCare, a service platform operating primarily in the healthcare sector also owned by Apollo.

Reuters reported on July 9 that Generali had entered exclusive negotiations to buy Tranquilidade to boost its presence in Portugal, citing two sources familiar with the matter.

($1 = 0.8908 euros)

Reporting by Silvia Aloisi; editing by Juliette Jabkhiro