The New Bank completed the sale of the insurance company to the US Tranquility Apollo investment fund. The business is well implemented after obtaining the necessary approvals from regulators and a court has lifted an injunction to suspend the sale.
The announcement was made on Thursday, in a statement sent to the Portuguese Securities Market Commission, “The New Bank informs that, following the obtaining of the requisite regulatory approvals and the lifting o f the injunction that had been ordered by the Court of the Lisbon concluded on this date, the sale of shares representing the entire share capital of Companhia de Seguros Tranquilidade to a company managed by Apollo investment fund “.
The New bank and the fund Apollo had agreed to the sale in September, in what was then described by the bank as the “best offer received during the process.” At the time, the bank was still chaired by Vitor Bento. The transaction value was not disclosed, although it was widely reported an amount of around EUR 44 million, with the background to undertake also to capitalize the insurance company.
The shares of Tranquility had been delivered BES (which gave rise to the New Bank) as a pledge to cover a credit given to the Espírito Santo Financial Group. The process with the background Apollo should have been completed by the end of last year, but an injunction, requested by two companies of the Holy Spirit Group, has managed to postpone the sale.
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