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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