U.S. private equity firm Apollo Global Management (APO.N) has signed an agreement to sell all of Italy’s Amissima Vita to Bermuda-based Athora Holding Ltd, the Italian insurance company said on Thursday.
The deal is subject to regulatory approval and its closing is expected in the first half of 2022, Amissima said in a statement, without giving financial details.
Athora Holding, which has 79 billion euros of assets under administration, is a specialised life insurance group focused on Europe.
It bought the Belgian operations of insurer Generali (GASI.MI) in 2018 and Dutch insurer Vivat in 2019.
Apollo had bought Amissima Vita – previously named as Carige Vita Nuova – from Banca Carige (CRGI.MI) in 2015.
Consolidation is sweeping through Italy’s insurance sector where market leader Generali (GASI.MI) will launch a 1.17 billion euro takeover bid for smaller rival Cattolica (CASS.MI), with the offer starting on Oct. 4.
Apollo has a 6% stake and four board members in Athora, according to the insurer’s website.
The two groups are linked through strategic relationships which involve Apollo providing Athora with advisory services on direct investment management, asset allocation, asset due diligence, mergers and acquisitions, among others.