17 hours ago
Apollo Global-backed Athora in talks to buy UK insurer PIC, Sky News says
June 20 (Reuters) - Athora Holding is in talks to buy Pension Insurance Corporation in a deal that could value the UK-based specialist insurer at up to 5 billion pounds ($6.75 billion), Sky News reported on Friday.
Pricing, structure and other details about the potential deal remain unclear, the report said.
Apollo Global Management-backed Athora is a European savings and retirement services group.
Reuters could not independently confirm the news. Apollo (APO.N), opens new tab, PIC and Athora declined to comment.
Sky News in late 2023 reported Apollo had explored a bid for PIC.
In May last year, Athora abandoned plans to buy a German portfolio of run-off life insurance policies from French insurer AXA ( opens new tab.
PIC is owned by a consortium of shareholders including Luxembourg-based Reinet Investments and private equity firm CVC Capital Partners.
($1 = 0.7406 pounds)
