Published by Global Banking & Finance Review®
Posted on November 20, 2025
2 min readLast updated: January 20, 2026
Generali, BFF Bank, and BPCE are in the second round of bids for GamaLife, valued at €600M by Apax. A deal is anticipated early next year.
By Andres Gonzalez and Gianluca Semeraro
LONDON (Reuters) -Insurer Generali, Milan-listed BFF Bank and France's BPCE have advanced to the second round of bidding to acquire European life insurance consolidator GamaLife from Apax Partners, two sources familiar with the matter said.
Buyout group Apax is targeting a valuation of about 600 million euros ($691.56 million) for GamaLife, the sources said.
DEAL DETAILS
• Apax expects binding offers in the coming weeks and aims to reach a deal early next year, the people said.
• BFF, BPCE, Generali declined to comment.
KEY CONTEXT
• Lisbon-based GamaLife was founded in 2019 by Apax and acquired Zurich Insurance Group's Italian life and pensions back book in 2022. The 2022 acquisition included a portfolio of life insurance policies and pension funds totalling 7 billion euros.
• Generali announced the acquisition of the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros in 2023.
• BPCE agreed on the acquisition of Novo Banco in June this year. Novo Banco has a distribution agreement with GamaLife.
($1 = 0.8676 euros)
(Reporting by Andres Gonzalez and Gianluca Semeraro. Aditional reporting by Elvira Pollina, Mathieu Rosemain. Editing by Anousha Sakoui and Louise Heavens)
An acquisition is the process where one company purchases another company or its assets. This can involve buying shares or assets to gain control over the target company.
Valuation is the process of determining the current worth of an asset or a company. It is often based on various factors including market conditions, financial performance, and future growth potential.
A binding offer is a formal proposal made by a buyer to purchase an asset or company, which legally obligates the buyer to follow through with the purchase if accepted.
A buyout occurs when an investor or group of investors purchases a controlling interest in a company, often to take it private or restructure its operations.
A portfolio is a collection of financial investments such as stocks, bonds, commodities, and other assets held by an individual or institution.
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