The US fund manager “private equity” already has the green light from the European Commission for its acquisition of Portuguese insurance company Tranquility. The Commission argues that this operation does not raise competition problems.
The European Commission approved this Monday, November 3rd, the acquisition of the insurance company Tranquility by investment funds managed by affiliates of the US Apollo Management LP
The Commission has been notified of the operation on the 9th of October, “concluded that the proposed acquisition would not raise any competition concerns due to their moderate combined market shares from the markets concerned” according to a statement issued by the European body. The operation was examined under the simplified revision procedure of the Merger Regulation.
In early September, the New Bank and Apollo Global Management agreed on the terms of sale of Tranquility US manager American funds from “private equity”.
The value of the transaction will be below € 50 million originally planned due to the devaluation of the position that the insurer has the ESAF. However, Apollo is committed to inject 150 million into the company, restoring its strength.
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