Deals
Carige Sells Insurance Units to Apollo in Plan to Boost Capital
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Banca Carige SpA, one of the two Italian lenders that need to plug a capital shortfall after the European Central Bank’s review, agreed to sell its two insurance units to Apollo Management Holdings LP.
Carige will sell Carige Assicurazioni SpA and Carige Vita Nuova SpA to Apollo for 310 million euros ($394 million) in cash, the Genoa-based lender said in a statement today. The bank also signed an agreement with Apollo, the private-equity firm run by Leon Black, to keep selling insurance products through its network.