Monday 8 March 2021 1:41 pm

All Greek to me: Apollo snaps up insurance giant Athene in $11bn US mega-deal

Asset manager Apollo Global will buy Athene Holding in an all-stock deal valuing the annuities firm at about $11bn, making it the private equity firm’s first major deal after co-founder Leon Black stepped down as chief executive.

The deal will create a company with a market cap of $29bn, providing investment, pension and annuity products.

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The combined company will be led by incoming Apollo boss Marc Rowan.

The deal is expected to close in January 2022.

Rowan, who co-founded Apollo 31 years ago, has been tasked with running the company after Leon Black said in January he would step down as chief executive, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein.

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Black continues to be Apollo’s chairman.

Founded in 2009, Athene also serves as Apollo’s partner insurance company and had total assets worth $202.8bn at the end of 2020, with operations in the US, Bermuda, and Canada.

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