US-based private equity firm Apollo Global Management is talking with Portuguese bank Banco Espirito Santo (BES) to acquire insurer Tranquilidade.


A person with knowledge of the discussions told Financial Times that the deal is expected to be worth about €200m and will inject €140m in cash into the insurance unit.

The deal includes payment of about €60m to the parent of Tranquilidade, Novo Banco, which was spun out of BES.

The agreement is expected to be signed within two weeks after receiving statuatory approvals.

BES, owned by Espirito Santo Financial Group, was split earlier this month after it reported a €3.58bn loss in the first half of the year.

Novo Banco was categorized as ‘good bank’ and Tranquilidade was amde part of it.

Apollo has been bidding for Tranquilidade since the sale process began in January.

Image: Apollo is in negotiations to acquire Portuguese insurer Tranquilidade. Photo: courtesy of adamr/