Athene and Apollo buy 15% stake in Australia’s leading annuity company

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What would you like to know

  • Apollo is taking control of Athena.
  • In Europe, Athene holds a significant minority stake in Athora.
  • Challenger manages total assets of approximately $ 78 billion.

Athene Holding Ltd. and its largest investor are investing in the pension services industry in Australia.

Athene and investment firm Apollo Global Management Inc. say they agreed to pay $ 540 million for a 15% stake in Challenger Ltd., a company that sells annuities and investment management services in Australia.

Challenger is a Sydney-based company that was founded in 1985. It now has the equivalent of approximately $ 15 billion in living investment assets, in US dollars, or approximately $ 78 billion in total assets. under management.

Athene – a Hamilton, Bermuda-based annuity issuer that ended the first quarter with total assets of around $ 206 billion – and Apollo started with a 3% stake in Challenger.

Completing the purchase of the 15% stake would give Athene and Apollo an 18% stake in Challenger, Athene said Tuesday.

The transaction is subject to the approval of the Australian Prudential Regulation Authority.

Athena and Apollo

Apollo now owns a 45% stake in Athene. The two companies announced in March that Apollo was attempting to merge with Athene through a share swap that would leave Apollo shareholders a 76% stake in the combined company.


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