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.

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Originally Posted at The Wall Street Journal on March 8, 2021 by Miriam Gottfried and Leslie Scism.