Deals
Apollo to Buy Aspen for $2.6 Billion in Insurance Expansion
- Value of $42.75 per share is 6.6% higher than Monday’s price
- Private equity firms have been snapping up insurance companies
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Apollo Global Management LLC, the investment firm led by Leon Black, agreed to acquire Aspen Insurance Holdings Ltd. for $2.6 billion, in the latest example of private equity investors expanding their insurance assets.
Apollo will pay $42.75 a share in cash for the Hamilton, Bermuda-based insurer, 6.6 percent higher than Monday’s closing price, according to a statement Tuesday. The acquisition is expected to be completed in the first half of next year.