Apollo Global Management and Athene Holding Merge for $11B
Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer.
The companies announced Monday that they have agreed to merge by swapping stock, through a transaction that implies an $11 billion total value for Athene. The combined company would have a market capitalization, or total stock value, of $29 billion. The companies hope to complete the deal in January 2022.
Under the agreement, Apollo shareholders would end up owning 76% of the combined company, and Marc Rowan, Apollo’s incoming CEO, would be the leader of the combined company, according to Apollo.
A special committee of “certain disinterested members” of the Athene board and the conflicts committee of the Apollo board has approved the merger unanimously. The Apollo and Athene boards have also approved the merger, Apollo said.
