Apollo Global Management Inc said on Monday it will merge with Athene Holding Ltd in an $11 billion all-stock deal, bringing in-house an annuities provider that helped turn it into one of the world’s largest corporate credit investors.
Apollo has been getting paid lucrative fees by Athene, in which it controls a 35 percent stake, for more than a decade, providing asset allocation services and directly managing a portion of Athene’s assets across its investment platform, primarily in its ever-expanding credit business.
