Apax Is Said to Pick Nomura, UBS for Sale of Insurer Gamalife

Private equity firm Apax Partners has picked Nomura Holdings Inc. and UBS Group AG to help arrange a potential sale of European life insurance consolidator Gamalife, according to people familiar with the matter.

Apax is seeking a valuation of about €600 million ($703 million) for Gamalife in a deal, said the people, who asked not to be identified as the information is private. Other private equity firms and insurance companies have expressed interest in the asset, the people said.

Deliberations are ongoing and details could still change, the people said. Apax could also opt to keep the business for longer, ...