Apax Partners to acquire majority stake in GNB Vida from Novo Banco.

Apax Partners, a private equity firm, agreed to acquire a majority stake in GNB Vida from Novo Banco, and launch GamaLife, a new European life and wealth consolidation platform. Financial terms were not disclosed. GNB Vida offers protection, savings, and retirement products distributed through Novo Banco’s 401 branches. The transaction will see GamaLife relaunch the product and distribution offering of GNB Vida with a view to becoming a true leader in the Portuguese insurance market thanks to a new long-term exclusive distribution agreement with Novo Banco. “We have been proactively targeting the life insurance and wealth management markets for a number of years. We are excited to back Matteo and his team to grow the GamaLife platform, both organically and through further consolidation of the European market. In doing so, we are pleased to have the opportunity to help cement GNB Vida’s position as a market-leading life insurance partner for Novo Banco,” Frank Ehmer, Apax Partners Partner.