Connect with us

Hi, what are you looking for?

Jewish Business News


Apollo Global Mulling Acquisition of Portugal’s Novo Banco, Bloomberg Says

(L-R) Carlyle Group co-founder and CEO David Rubenstein ,   Apollo Global Management  co-founder Leon Black

Private equity firm Apollo Global Management LLC is considering making a bid for Portuguese lender Novo Banco SA, the bank carved out of Banco Espirito Santo SA, Bloomberg reported, citing people familiar with the matter.
Apollo, which agreed to buy insurer Tranquilidade from Novo Banco in September for an undisclosed amount, plans to submit an indication of interest for the whole bank, the report said.

Apollo Global is a joint venture between Leon Black’s  Apollo Group‘s and David Rubenstein’s Carlyle Group. The two partners invested $1 billion in Apollo Global. The Apollo invested roughly $801 million and owns 80.1% of the new company. Carlyle invested $199 million and controls the remaining shares. Apollo Global replaced Apollo International, according to Bloomberg.

Banco BPI SA, Portugal’s second-largest listed bank, Spain’s Banco Santander SA and China’s Fosun International Ltd are the other interested parties.

The Bank of Portugal has requested potential buyers of Novo Banco to express their interest by December 31 and to make binding offers by the middle of the second quarter of 2015, the report said.

BES had collapsed under the debt of its founding Espirito Santo family. Novo Banco was capitalized with 4.9 billion euros ($5.96 billion) via Portugal’s bank resolution fund in August. The state injected 3.9 billion euros ($4.74 billion), the rest being provided by other banks, Bloomberg said.

Apollo declined to comment.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...


Now Platika joins and elite club of $10 billion plus Israeli firms.