Apollo Reabsorbs Athene in All-Stock Deal That Values Firm at $11 Billion
March 9, 2021 by Miriam Gottfried and Leslie Scism
Apollo Global Management Inc. APO -4.24% said it is buying the portion of Athene Holding Ltd. it doesn’t already own, in a move to consolidate the investment giant’s ownership of its highly successful insurance affiliate.
For Apollo, which owns 35% of Athene already and has a long-term agreement to manage its assets, the merger is aimed at simplifying the relationship and better aligning the interests of both companies’ shareholders. It values Athene at $11 billion.