BPCE buys Portuguese insurer GamaLife from Apax Partners
GamaLife, Portugal's eighth-largest insurer, is being sold by Apax Partners to BPCE as the French banking group expands its Portuguese franchise.
BPCE announced it has signed an agreement to acquire GamaLife, a Portuguese insurer, from the investment firm Apax Partners. The deal was announced alongside BPCE's third-quarter results and is subject to the required regulatory approvals.
BPCE does not disclose the price. Les Echos reports, based on its own information, that the transaction would be worth around 400 million euros. The deal follows BPCE's completed acquisition of Novo Banco, Portugal's fourth-largest bank, for 6.7 billion euros, and is intended to make Portugal the group's second domestic market through its bancassurance model.
Deal facts
- Target
- GamaLife
- Business
- Portuguese insurer, described as the eighth-largest insurance company in Portugal
- Buyer
- BPCE
- Seller
- Apax Partners
- Deal type
- Exit
- Status
- Announced
- Announced
- Tuesday, November 3, 2026
Sources
- Les EchosNov 3, 2026
Written by Buyout Desk from the sources above. Spotted an error? Email corrections@buyoutdesk.com.