NEW YORK--(BUSINESS WIRE)--Apollo Global Management, LLC (NYSE: APO) (collectively with its subsidiaries “Apollo”) today announced its support of Athene Holding Ltd.'s, a Bermuda-based insurance holding company (together with its subsidiaries, “Athene”), pending acquisition of the U.S. annuity and life insurance operations (“Aviva USA”) of Aviva PLC. In connection with this transaction, Apollo has agreed to provide up to $100 million of capital support to Athene to the extent such support is necessary.
Apollo currently provides asset allocation and related services to Athene and directly manages a portion of these assets across its investment platform. Upon completion of Athene’s acquisition of Aviva USA, which is expected to close in 2013 subject to customary conditions and regulatory approvals, Apollo may provide similar asset allocation and investment management services for a portion of Athene’s newly acquired assets.
Marc Rowan, Senior Managing Director of Apollo, said, “Jim Belardi and his team have done an outstanding job of building Athene into a leading retirement services company. The acquisition of Aviva USA will add significant scale to Athene’s existing business, and we look forward to continuing to provide Athene with additional asset management services as the company continues to grow and reinforce its leadership position in fixed annuities.”
About Apollo Global Management, LLC
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $110 billion as of September 30, 2012 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.