RTTNews | Mar 8, 2021 09:58AM EST

09:57 Monday, March 8, 2021 (RTTNews.com) - Shares of retirement services company Athene Holding Ltd. (ATH) are up more than 8% Monday morning on the news of it merging with alternative investment manager firm Apollo (APO), implying about $11 billion for Athene, in stock.

As per the deal, Athene class A common share will be exchanged for 1.149 Apollo common stock. Upon closing of the merger, about 76% of the combined will be owned by Apollo shareholders and nearly 26% by Athene shareholders.

The combined company will have a pro forma market cap of $29 billion and is expected to be included in the S&P 500.

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."

The transaction is expected to close in January of 2022.

ATH touched a new high of $55.39, before slipping to trade at $52.98 currently.

Read the original article on RTTNews ( https://www.rttnews.com/3175676/stock-alert-athene-jumps-8-on-merger-with-apollo.aspx)

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