Rowan the boat

8 March 2021 By Liam Proud Follow @liamwardproud

The asset manager is buying the chunk of insurance company Athene it doesn’t own. The deal cleans up the structure, and Apollo is paying a cheap price. But it may become more stodgy investment firm than racy buyout shop. And its managers are a far cry from the Sage of Omaha.

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Private equity firm Apollo Global Management on March 8 said it had agreed to buy Athene in an all-stock deal valuing the insurance company at $11 billion, a 16.5% premium to the undisturbed share price. Apollo already holds a roughly 35% stake in the company, including shares held by its employees and related parties.

Existing Apollo shareholders will own about 76% of the combined group and Athene investors will own the rest.

Apollo’s incoming Chief Executive Marc Rowan will run the merged company, which will have an 18-member board with four directors from Athene.

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