Athene & Apollo Announce Transaction Closing

March 3, 2020

Athene Holding Ltd. and Apollo Global Management, Inc. announced the closing of their previously announced strategic transaction after having obtained customary shareholder & regulatory approvals.

The company said, “Athene Holding Ltd. [Athene], a leading retirement services company, and Apollo Global Management, Inc.[together with its consolidated subsidiaries, Apollo], a leading global alternative investment manager, announced the closing of their previously announced strategic transaction after having obtained customary shareholder and regulatory approvals. The transaction strengthens the strategic relationship and reinforces the alignment of interests between the two companies.

“In connection with the transaction, Apollo has purchased a 17% incremental stake in Athene at a premium, bringing Apollo’s beneficial ownership in Athene, together with certain of its related parties and employees, to approximately 34% at closing. In addition, Athene has eliminated its multi-class share structure, which the companies expect will significantly improve Athene’s index inclusion eligibility and expand Athene’s investor base.”

Jim Belardi, CEO of Athene, said, “We are pleased to announce the closing of this strategic transaction between Athene and our longstanding strategic partner, Apollo. With the recent overwhelming shareholder approval, Athene has eliminated its historical multi-class share structure and is now fully eligible for inclusion in a major S&P index.

“Importantly, this transaction will broaden our appeal to a wider range of both active and passive investors. We view our new direct investment in Apollo as strategic in nature, and look forward to participating in Apollo’s robust growth, profitability, and yield characteristics.”

Leon Black, Chairman and Chief Executive Officer of Apollo, said, “We are tremendously excited to announce the completion of this important strategic transaction, which we believe meaningfully enhances value for both Apollo and Athene shareholders. Athene and Apollo have developed a special and symbiotic relationship since Athene’s inception more than a decade ago.

“By nearly doubling our ownership in Athene to approximately 34%, we are reinforcing the durability of our relationship, and enhancing the strong alignment between the two companies. In addition, as a result of Athene’s new ownership stake in Apollo, which represents its single largest investment, Athene now has a direct economic interest in Apollo’s financial success for the first time.”

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