Apollo to Buy Insurance Businesses of Banca Carige for €310M
October 30, 2014
Apollo Global Management has reached an agreement to acquire two insurance businesses of Banca Carige for €310 million ($395 million). The all-cash transaction is expected to close in 1Q 2015. Carige is implementing a capital-raising plan following a capital shortfall, and as a result of agreed-upon deal, the bank's Core Tier 1 capital ratio would be boosted by approximately 94 basis points, as of June 30, 2014. The agreement will also allow Carige to continue selling insurance products from the divested businesses.