Apollo Global Management Inc. stated that it is buying the part of Athene Holding Ltd. that it does not already own, in a move to consolidate the ownership of the private equity giant over its highly successful insurance affiliate.
For Apollo, which already owns 35% of Athene and has a long-term agreement to manage its assets, the merger aims to simplify the relationship and better align the interests of the shareholders of both companies. He estimates Athene at $ 11 billion.
It is also the latest step in Apollo’s attempt to improve its governance following disclosures between co-founder and CEO Leon Black and disgraced financier Jeffrey Epstein.
The move comes as Apollo co-founder Marc Rowan, the company’s insurance strategy architect, prepares to take on the role of CEO. Mr Black said in January that he would resign following a board review of his ties to Epstein, who committed suicide in his Manhattan prison cell in 2019 after being charged with federal sex trafficking charges involving underage girls. .
The investment firm has announced a number of governance changes recently, including the appointment of several independent directors. Apollo said Monday that its board voted to abandon the company’s dual-class shareholding structure and adopt a “one-share, one-vote” regime – an action it said it was considering and expecting. pave the way for its inclusion in the S&P 500 index.