UPDATE 3-Apollo Global to buy insurance affiliate Athene for $11 billion [Reuters]
Apollo Global Management, Inc. (New) (APO)
Last apollo global management, inc. (new) earnings: 5/1 07:00 am
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Source: Reuters
By Reuters Staff 3 Min Read (Reuters) - Apollo Global Management Inc said on Monday it will merge with Athene Holding Ltd in an $11 billion all-stock deal, bringing in-house an annuities provider that helped turned it into one of the world’s largest corporate credit investors. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake, for more than a decade, providing asset allocation services and directly managing a portion of Athene’s assets across its investment platform, primarily in its ever-expanding credit business. Yet Athene’s shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. “We will have total alignment to optimize our strategy and allocate capital efficiently,” said Marc Rowan, Apollo’s incoming chief executive, who helped set up Athene in
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- 3/21/24 - Form 4
- 3/5/24 - Form 4
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