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Generali closes acquisition of Portugal-based companies

Generali completed the acquisition of Portugal-based insurer Seguradoras Unidas SA and service company AdvanceCare - Gestão de Serviços de Saúde SA.

Generali acquired the companies from entities majority-owned by investment funds managed by certain affiliates of Apollo Global Management Inc. for a consideration of €510 million for Seguradoras Unidas and €90 million for AdvanceCare.

The company received the required approvals from all relevant regulatory bodies and competition authorities and therefore completed the transaction, which was announced July 18, 2019.

Pedro Carvalho, a director of Seguradoras Unidas, will become the CEO of the insurance entities of the Generali group in Portugal, including Generali Vida, Generali Seguros and Seguradoras Unidas.