Athene and Apollo to merge in $11B all-stock deal

March 11, 2021

Apollo Group (NYSE:APO) +6.5% and Athene (NYSE:ATH) +19.7% premarket, to merge in an all-stock transaction at total equity value of ~$11B for Athene.

Each outstanding Class A common share of Athene will be exchanged for a fixed ratio of 1.149 shares of Apollo Group common stock.

Upon closing of the merger, current Apollo Group shareholders will own ~76% of the combined company on a fully diluted basis, and Athene shareholders will own ~24%.

The combined company will be led by incoming Apollo Group CEO Marc Rowan Companies . Apollo Group ’s business will continue to be led by Co-Presidents Scott Kleinman and James Zelter. Athene will continue to be led by CEO Jim Belardi with his current management team and full workforce.

Transaction will be substantially accretive, strengthening earnings power of the combined company to more than double Apollo Group ’s reported earnings in 2020.

The transaction is expected to close in January of 2022.

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