The Tranquility insurer was valued at € 515.4 million at the end of last year, the accounts of Partran, a company that was the sole shareholder of the company.
The bills approved in May by the administration led by Ricardo Salgado, communicated a book value at cost of EUR 515 354 000. O, the only asset of this company, book value of the shareholding in Tranquility was EUR 358 193 000. The Partran, owned by Espírito Santo Financial Group (holding company that is controlled under controlled management in Luxembourg), paid dividends of EUR 9 million this year, in a resolution passed on 23 May 2014
Be the book value is the book value figures contrast with the amounts now spoken for the sale of Tranquility and are further assessment of € 700 million that came to be made to the company. This value will be used as the basis to pledge in favor of Banco Espírito Santo (BES), and who went to the New Bank, as security for repayment of retail customers who bought corporate debt Espírito Santo Group (GES).
The price offered by Apollo to the insurance fund, 215 million euros, will be the highest value in the sales process started months ago. However were detected in assets under management of EUR 150 million investments in debt instruments of the GES holdings that are in creditor protection proceedings.
The terms of the agreement are still under negotiation predict that the new shareholder to inject 140 to 150 million euros in Tranquility to restore the required minimum financial ratios. The net proceeds to the New Bank would thus only EUR 50 million, according progressed yesterday “Business Journal”. Contacted by i , the bank official source confirms that revenue will be in the institution, but does not confirm the numbers yesterday notified ciated, adding that the process is not closed nor have time to be closed.
The insurer is under tight surveillance Institutes of Seguros de Portugal (ISP), who pushed a fast to a shareholder with sale financial capacity in order to solve the sooner the capital shortfalls detected.
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