Novo Banco and Apollo close selling of Tranquilidade

O Novo Banco and Apollo Global Management have come to an agreement regarding the terms and conditions for the acquisition of Tranquilidade by the American Fund. The transaction value is expected to be under 50 million euros.

Apollo has also agreed to inject 150 million euros in the insurance company for liquidity purposes. The deal is just waiting for final approval of the Insurance institute of Portugal and the Bank of Portugal.

Source: TVI24

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