Generali to Acquire Two Portuguese Companies
July 18 2019 - 2:44PM
Dow Jones News
By Michael Dabaie
Assicurazioni Generali S.p.A. (G.MI) said it agreed to acquire
Portuguese companies Seguradoras Unidas and AdvanceCare.
The Italian insurance company will acquire the companies from
Calm Eagle Holdings S.a r.l. and Calm Eagle Parent Holdings II S.a
r.l., entities majority owned by funds managed by Apollo Global
Management LLC (APO) affiliates.
Generali said it would pay a consideration of 510 million euros
($573 million) for Seguradoras Unidas and EUR90 million for
AdvanceCare.
Seguradoras Unidas is a non-life business operator in Portugal
with a 15.5% market share in the segment, Generali said. The
company also operates in the life segment and posted total gross
insurance premiums of about EUR800 million in 2018, Generali said.
Generali said the deal would give it a 18.7% market share in
Portugal's non-life market.
AdvanceCare is a service platform operating primarily in the
healthcare sector.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 18, 2019 14:29 ET (18:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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