Funds managed by Apollo Global Management LLC are expected to purchase 67% of Athene Life Re Ltd.'s economic interests in the Athene Co-Invest Reinsurance Affiliate 1A Ltd. investment vehicle early in the fourth quarter.
Approximately $575 million of capital at Athene Life Re is expected to be released as a result of the transaction. Athene Holding Ltd. expects to deploy the $4 billion investment vehicle by the fourth quarter.
Athene executives said the fund will allow the company to pursue larger and more types of deals while freeing up capital to repurchase more shares.
