M&A · Financials · Life Insurance
Apollo Global Management, Inc. to acquire Athene Holding Ltd
Announced Mar 8, 2021 · Closed Jan 3, 2022
Deal value$11.00B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$56.94 per share
Transaction
- Acquirer
- Apollo Global Management, Inc. (APO)
- Target
- Athene Holding Ltd (ATH)
- Buyer type
- Private equity
- Offer price per share
- $56.94
- Enterprise value
- —
- Status
- Closed Jan 3, 2022
Deal protections
Not yet read from the merger agreement.
Advisors
- To the acquirer
- Barclays
- To the target
- Lazard, Houlihan Lokey
- Barclays fee
- $6.0M
- Lazard fee
- $25.0M
Sector context · Financials
- Comparable deals
- 12 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- —
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedMar 8, 2021
- Proxy filedNov 5, 2021
- Definitive proxyNov 5, 2021
- Shareholder voteDec 21, 2021
- ClosedJan 3, 2022
Valuation · fairness opinions
Trading comparablesBarclays$49.10$65.46
Trading comparablesBarclays$51.13$66.48
Precedent transactionsBarclays$56.95$71.19
Discounted cash flowBarclays$48.63$63.18
Trading comparablesBarclays$46.10$54.23
Discounted cash flowLazard$50.93$63.81
Discounted cash flowLazard$54.29$68.86
Discounted cash flowLazard$56.42$66.79
Trading comparablesLazard$56.42$66.79
Trading comparablesLazard$57.31$68.62
Offer $56.94
Implied value per Athene Holding Ltd share by analysis, from Barclays and Lazard.