March 08, 2021 | Financials | North America | Active

Athene Holding / Apollo Global Management: New Deal Insights


Apollo has announced a definitive offer to acquire the 65% that it doesn’t already own in Athene Holding, the insurance and retirement services firm that Apollo created at the peak of the financial crisis in 2009. At the time of the announcement, excluding dividends, the all-stock offer was worth $56.94 per Athene share, representing a one-day premium of 16.5%; currently, consideration is worth 8.1% less. Upon closing, Apollo shareholders will own approximately 76% of the combined company while Athene shareholders will hold the remaining 24%. Concurrent with the takeover, Apollo also intends to simplify its shareholding structure into a single class of voting shares such that it will become eligible to be included in the S&P 500, which currently excludes dual share class companies ... Deal risks assessed in this research report: • Small reverse termination fee • Timing lag beyond mid-November could lead to being short another Apollo dividend



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