Athens Holding Ltd., the insurer and seller of the annuity supported by Apollo Global Management Inc.agreed to acquire a mortgage lender from Fortress Investment Group as he seeks to obtain assets in the UK
At the time of buying Housing loan fundAthene will receive a £ 3 billion ($ 4.2 billion) mortgage portfolio that Apollo will manage, according to a statement from the Bermuda insurer. Terms of the deal were not disclosed. The foundation is controlled by Fortress, owned by Tokyo SoftBank Group Corp.
“This deal continues our long-standing strategy of working with Apollo to identify and invest in attractive businesses,” said Athene, chairman and chief executive officer. Jim Belardi said in a statement.
Apollo, a private equity company, formed Athene in 2009 to generate cash flow for investments. In March, the company agreed to acquire Athene as part of a stock deal, bringing the business to an estimated $ 11 billion. Apollo was already the largest shareholder in Athene, with the firm and its associates holding 35% of the shares.