Sidley represented publicly traded Bermuda-based Athene Holding Ltd., a leading retirement services and life insurance holding company, in a complex cross-border strategic transaction involving the sale of US$1.55 billion in common shares to publicly traded New York-based Apollo Global Management, Inc., a leading global alternative investment manager. The transaction closed in February 2020, and involved the elimination of Athene’s multi-class share structure, which the companies expect will improve Athene’s index inclusion eligibility and expand its investor base, and the consideration included a mix of equity in Apollo’s operating group subsidiaries and cash.
The deal received extensive press coverage, including in the Financial Times and Wall Street Journal, among others, and involved nuanced tax, structuring and other matters on which Sidley advised. Sidley’s leadership in the deal illustrates the firm’s ability to provide innovative, practical solutions tailored to client business needs, and assist clients as they navigate the most complex transactions.
Sidley also represented Athene in connection with its formation by Apollo and members of Athene’s management in 2009, and its US$1.24 billion initial public offering in 2016.
Perry Shwachman, head of Sidley’s global insurance group, led the Sidley deal team drawn from across the firm’s offices in the U.S. and UK, which also included Jeremy Watson, Andrew Holland, Sean Carney, Chris Burusco, James Phythian-Adams, John White, Samantha Walker, Valentina Oliver and Zeshawn Qadir (insurance), Sam Gandhi, Rob Ryan and Zye Hooks (capital markets), Tracy Williams, Peter Edgerton, Joe Paral (insurance tax), and Ian Helmuth, Jack Melamed and Brett Valentyn (M&A).