Friday, August 22, 2014

Sale value of Tranquility by defining – Economic

Sale value of Tranquility by defining – Economic

Economic

09:28

 value set by sale of Tranquility

Apollo Management is buying a finalist of Tranquility, but the transaction price yet is being negotiated.

The Tranquility will be sold to Apollo Management, but the parties are still closing the details of the agreement, including the final value of the transaction. The operation also depends on the passage of the assets of the insurer’s Espirito Santo Group (GES) for the New Bank.

The “Business Journal” this morning that advances the management of funds ‘private equity’ have agreed Tranquility for the purchase of 50 million euros, but sources contacted by the Economic say ‘this value is unreal’. The same sources confirmed that, as embodied by the “Business”, the insurer of the GES was valued at € 200 million, but the buyer should not assume the debt of Tranquility.

The Insurer was given as collateral a credit of EUR 700 million from BES on Espírito Santo Financial Group

The operation must be formalized next week and is expected a final agreement for 26 or August 27, knows the Economic Daily. The sale still needs the approval of the Insurance Institute of Portugal, who have six months to decide.

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