Apax’s GamaLife Said to Draw Interest From Portugal’s Novo Banco

Private equity firm Apax Partners has fielded interest for its Portuguese life-insurance business GamaLife, according to people familiar with the matter.

Novo Banco SA is among parties considering making a bid for the life insurer, the people said, asking not to be identified discussing non-public information. The Portuguese lender, which already distributes GamaLife products in its branches, is looking for an insurance partner to join the bid, they said.

A spokesman for Novo Banco said the lender is evaluating all of its options when it comes to the distribution agreement with GamaLife. A representative for Apax declined to comment.

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