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Apollo in talks to buy Portuguese insurance unit

August 27, 2014 - 7:08am

Apollo Global Management L.L.C. is in talks to acquire Portuguese bank Banco Espirito Santo S.A.'s insurance unit Tranquilidade for about €200 million ($264.8 million), reported Zacks.

Around €140 million ($185.4 million) will be given to Tranquilidade, while the rest will be paid to Novo Banco S.A., Tranquilidade's current owner.

Apollo in 2011 acquired Brit Insurance P.L.C. in partnership with CVC Capital Partners Ltd.

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