Presidential Life Corporation, a Delaware corporation headquartered in Nyack, NY, and Athene Holding Ltd., a Bermuda-based holding company, confirmed the completion of the acquisition of Presidential Life by Athene Holding’s wholly owned subsidiary, Athene Annuity & Life Assurance Company, a Delaware-domiciled insurer focused on retail fixed and index annuity sales and reinsurance. The transaction is valued at approximately $414 million.
“The acquisition of Presidential Life gives Athene a presence in all 50 states and creates significant opportunities for growth in our retail sales and reinsurance operations,” said James R. Belardi, CEO of Athene Holding and Athene Annuity. ”We continue to build a market-leading retirement savings company through a combination of organic growth, reinsurance and strategic acquisitions.”
Under the terms of the merger agreement, Presidential Life stockholders will receive $14 in cash for each share of Presidential Life common stock held. With the closing of the transaction, Presidential Life’s common shares will cease to trade on NASDAQ and will be delisted.
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