Using the EU Merger Regulations, the European Commission finally has approved the acquisition of Açoreana Seguros by Apollo Global Management, of the US.
The American company is a private equity investor active in various industry sectors, has had to wait five months to get the green light and now can complete the Açoreana purchase.
The Commission concluded that the proposed acquisition "would not raise competition concerns," although why this took five months is not made clear.
The transaction was examined under the simplified merger review procedure after the US venture capital company was selected in January to start exclusive negotiations to acquire the insurer.
The Supervisory Authority for Insurance and Pension Funds in Portugal announced on 28 March that Apollo had agreed to buy the insurance company which was being sold as part of the Banif fiasco.
Apollo, so often squeezed out of deals in Portugal, was selected to purchase Açoreana, pushing aside Caravela and Allianz.
