Page 1

March 8 , 2021 APOLLO Apollo and Athene to Merge in All - Stock Transaction Apollo to Move to Single Share Class with " One Share , One Vote " Transaction will be Substantially Accretive Proforma Company with Industry - leading Corporate Governance to be S & P 500 Eligible Companies to Host Conference Call Today at 8:30 am EST NEW YORK and HAMILTON , Bermuda , March 08 , 2021 ( GLOBE NEWSWIRE ) -- Apollo ( NYSE : APO ) and Athene ( NYSE : ATH ) have entered into a definitive agreement to merge in an all - stock transaction that implies a total equity value of approximately $ 11 billion for Athene . Under the terms of the transaction , each outstanding Class A common share of Athene will be exchanged for a fixed ratio of 1.149 shares of Apollo common stock . Upon closing of the merger , current Apollo shareholders will own approximately 76 % of the combined company on a fully diluted basis , and Athene shareholders will own approximately 24 % . The merger of Apollo and Athene combines two growth companies providing products and services that are in high demand – investment returns and retirement income . The stronger capital base and complete alignment will allow the company to rapidly scale asset and liability origination , broaden distribution channels and act as a leading global solutions provider . The company will operate in an environment powered by strong market and demographic trends . Apollo Co - Founder and incoming CEO Marc Rowan said , “ This merger is all about alignment between Apollo and Athene , amongst Apollo's stockholders and with our limited partners . For Apollo and Athene , we will have total alignment to optimize our strategy and allocate capital efficiently , which will include rapidly scaling our capability to originate attractive risk / reward assets , which are the limiter of growth for both firms . We have also created alignment among all our stockholders who will share in the upside of a larger , more liquid company with leading corporate governance . And it further aligns interests with our fund investors , giving us a bigger balance sheet to invest alongside clients in our various fund products . " Apollo Founder and Chairman Leon Black said , " Apollo occupies an enviable position in our industry , and we have been keenly focused on how to evolve our differentiated platform for long - term success . The Apollo Athene combination is all about alignment , turbo charging growth initiatives and dramatically enhancing shareholder value . Apollo's conversion to a simplified structure with a single class of common stock with equal voting rights and empowering the full Board with management responsibility of the business are also two significant steps towards these ends . "