Black’s Apollo Seeks Control of Athene to Gain Annuities

Leon Black’s Apollo Global Management LLC is seeking to acquire control of Athene Holding Ltd. as the private-equity firm increasingly turns to the insurance business for assets to invest in high-yield and distressed debt.

Apollo, which owns a nonvoting stake in Athene through an affiliate, has asked the Delaware Department of Insurance to approve a transaction involving the insurer’s voting stock, a step that would subject Black’s firm to regulation as an insurance holding company, according to a regulatory filing. The deal would pave the way for Athene, which originates and reinsures fixed annuities, to raise additional capital, said a person with knowledge of the plan, who asked not to be named because the information is private.