Deal Expands Athene’s Housing Mortgage and Investment Opportunities
HAMILTON, Bermuda, Jul 15, 2021 / PRNewswire / – Athene Holding Ltd. (NYSE: ATH) (“Athena”), a leading financial services company specializing in retirement savings solutions, announced today that it has entered into a definitive agreement to acquire Foundation Home Loans (“FHL”), a UK-based mortgage lending specialist with funds managed by subsidiaries of Fortress Investment Group LLC. June 2021FHL had a portfolio of £ 3 billion in specialist leased and owner-occupied mortgages on its balance sheet. The closing of the transaction continues to be subject to normal conditions, including the consent of the Financial Conduct Authority.
The FHL investment will be managed by the Apollo Global Management, Inc. (NYSE: APO) (“Apollo”), Athene’s strategic asset management partner, and together Apollo and Athene expect FHL to continue to lead the way in providing quality residential mortgages that provide Athena with attractive investment opportunities in high quality earning assets.
Jim Belardi, Chairman and CEO of Athene, said: “This transaction continues our long-standing strategy of working with Apollo to identify and invest in attractive businesses that add direct sourcing capabilities to our alpha channel generating investment portfolio. We believe our investment will help FHL reach its full potential while complementing our expanding asset search capabilities. ”
Hans Geberbauer, CEO of Foundation Home Loans, commented: “We are delighted to partner with Athene and Apollo in the next phase of growth in the UK specialist lending market. Their experience and financial capabilities will significantly strengthen our position in the market. “
“Apollo has deep experience in the home lending market and we are delighted to partner with FHL and its management team to help scale the FHL platform, further positioning it as the leading developer in the UK lease buy market,” he said. Kevin Crowe, Apollo Partner. Christopher Hoylo, Apollo Partner, added: “We expect FHL to contribute high quality assets to Athene’s mortgage portfolio and structured securities that exceed $ 13 billion net invested assets per March 31, 2021 and demonstrates a strong profitability profile that is indicative of the alpha generation that the asset class has to offer. “
Athene, through its subsidiaries, is a leading retirement services company with total assets $ 205.7 billion from March 31, 2021 and operations in United States, Bermuda, as well as Canada… Athene specializes in helping its clients achieve financial security and is a solution provider for organizations. Founded in 2009, Athene is committed to doing more for our policyholders, business partners, shareholders and the communities in which we operate and live. For more information please visit www.athene.com…
Apollo is a fast-growing global alternative asset manager. We strive to provide our clients with excess returns at every stage of the risk and reward spectrum, from investment grade to private equity, with a focus on three business strategies: profitability, hybrid and opportunistic. Through our investment activities on our fully integrated platform, we serve retirement income and our clients’ financial return needs, and offer innovative capital solutions for businesses. Our patient, creative, knowledgeable approach to investing brings together our clients, the businesses we invest in, our people, and the communities we influence to empower and achieve positive results. As of March 31, 2021Apollo approx $ 461 billion assets under management. To find out more visit www.apollo.com…
Safe haven for forward-looking statements
This press release contains, and some of the oral statements that Athene representatives make from time to time may contain forward-looking statements under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Stock Exchange Act 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results, events and events to differ materially from those set forth or implied in such statements. These statements are based on the beliefs and assumptions of Athene management and the management of Athene subsidiaries. Typically, forward-looking statements include actions, events, results, strategies and expectations, and they can often be identified by the words “believes,” “expects,” “intends,” “expects,” “plans,” “seeks,” estimates, “ projects ”,“ may ”,“ will ”,“ could ”,“ could ”,“ should ”,“ continues ”or similar expressions. Factors that may cause actual results, events and events to differ include, but are not limited to: the accuracy of Athene’s assumptions and estimates; Athens’ ability to maintain or improve financial strength ratings; Athens’s ability to run its business in a highly regulated industry; regulatory changes or actions; the consequences of failure by Athens reinsurers to fulfill their obligations; the impact of interest rate fluctuations; changes in federal income tax laws and regulations; the accuracy of Athena’s interpretation of the Tax Cuts and Jobs Act; litigation (including class action lawsuits), enforcement investigations, or regulatory oversight; actions of third parties; loss of key personnel; failures of telecommunications, information technology and other operating systems; constant availability of capital; new accounting rules or changes to existing accounting rules; general economic conditions; Athens’s ability to protect its intellectual property; the ability to maintain or obtain approval from the Delaware Insurance Department, the Iowa Insurance Division and other regulatory agencies as required for Athene’s operations; delay or failure to complete or realize the anticipated benefits of the proposed merger with Apollo Global Management; and other factors that are discussed from time to time in Athene filings with the SEC, including the 10-K Annual Report for the year ended December 31, 2020, its Quarterly Report on Form 10-Q for the Ended Quarter. March 31, 2021 and its other SEC documents, which can be found on the SEC website www.sec.gov…
All forward-looking statements described herein are qualified by these cautionary statements and there can be no guarantee that actual results, events or events mentioned herein will occur or will be realized. Athene assumes no obligation to update or revise forward-looking statements to reflect changed assumptions, unexpected events or changes in future operating results.
Apollo Safe Harbor for forward-looking statements
This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Stock Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations of operating results, liquidity and capital resources, as well as other non-historical statements during the discussion and analysis. These forward-looking statements are based on management’s beliefs, assumptions made by management and the information currently available to it. When used in this press release, the words “believe,” “expect,” “estimate,” “expect,” “intend,” and similar expressions are intended to indicate forward-looking statements. While management believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee that these expectations will be met. These statements are subject to certain risks, uncertainties and assumptions, including those described in the Risk Factors section of Apollo’s 10-K annual report filed with the SEC on 19 February 2021 and the 10-Q quarterly report filed with the SEC on May 10, 2021as such factors may be updated from time to time in periodic Apollo filings with the SEC, which are available on the SEC website at www.sec.gov… These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in this press release and other documents. Apollo assumes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. This press release is not an offer by any Apollo Foundation.
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SOURCE Athene Holding Ltd.