Athene and Apollo to Buy 15% Stake in Australia’s Top Annuity Issue
July 13, 2021 by Allison Bell
Athene and the investment company, Apollo Global Management Inc., say they have agreed to pay $540 million for a 15% stake in Challenger Ltd., a firm that sells annuities and investment management services in Australia.
Challenger is a Sydney-based company that was founded in 1985. It now has the equivalent of about $15 billion in life investment assets, in U.S. dollars, about $78 billion in total assets under management.
Athene — a Hamilton, Bermuda-based annuity issuer that ended the first quarter with about $206 billion in total assets — and Apollo started out with a 3% stake in Challenger.