Deals
As Apollo’s Cash Cow Plans IPO, Questions Linger on Ties
- Buyout firm maintains lucrative link to insurance company
- Athene has signed up more than 20 banks to work on offering
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Leon Black’s golden goose is going public.
Athene Holding Ltd., the insurer that accounts for about one-fourth of the asset-management fees earned by Black’s Apollo Global Management LLC, filed for an initial public offering in which some investors plan to sell 23.8 million shares for $38 to $42 apiece. At the high end of that range, an IPO would raise $997.5 million and value the Bermuda-based company at about $7.8 billion, with more than 185 million shares outstanding, according to a regulatory filing Monday.