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