BPCE in exclusive talks to buy insurer GamaLife
France’s BPCE, fresh from its Novobanco deal, is in exclusive talks to buy Portuguese life insurer GamaLife in a move that would deepen its presence in Portugal.
France’s Groupe BPCE, which recently agreed to buy Novobanco, is in exclusive talks to acquire Portuguese insurer GamaLife. The move would expand the French group’s footprint in Portugal beyond banking.
GamaLife was put up for sale by private equity fund Apax Partners at the end of last year. Apax hired UBS and Nomura to find buyers for the insurer, which was created from the transformation of GNB Vida after it was acquired from Novobanco in 2019.
Generali, owner of Tranquilidade, and Italian bank BFF were also in the running for the asset. Reuters had previously reported that those three bidders had been selected for the second phase of the sale process and that Apax valued GamaLife at about €600 million.
According to the report, the transaction is expected to be completed soon.
Originally published at Eco.pt
