Announcements
Sidley Represents Athene in Its US$9 Billion Acquisition of Apollo’s Commercial Real Estate Loan Portfolio
January 28, 2026
Sidley is representing Athene Holding Ltd. (“Athene”) in connection with its definitive agreement with Apollo Commercial Real Estate Finance, Inc. (“ARI”) to acquire its approximately US$9 billion commercial real estate loan portfolio for a purchase price based on 99.7% of total loan commitments.
Following the repayment of ARI’s financing facilities and other indebtedness, as well as transaction expenses, ARI expects to have approximately US$1.4 billion of net cash. This equates to approximately US$1.7 billion of common stockholders’ equity, or approximately US$12.05 per share of common stock. ARI will retain substantially all of the net equity interest in the real estate properties it holds, which totaled approximately US$446 million as of September 30, 2025.
Under the definitive agreement, Athene has the right to assign the right to acquire the assets to affiliates of and funds managed by Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”), including Athene Co-Investment Reinsurance Affiliate entities. The transaction has been approved by ARI’s board of directors upon the unanimous recommendation of a special committee of independent directors of ARI’s board of directors. The transaction is subject to approval by the holders of a majority of the ARI’s outstanding shares of common stock.
The team was led by Perry Shwachman, Jonathan Blackburn, Paige Levitt, and Bonnie Neuman, and included Nicole Mouzakiotis and Richard Silverman.
Following the repayment of ARI’s financing facilities and other indebtedness, as well as transaction expenses, ARI expects to have approximately US$1.4 billion of net cash. This equates to approximately US$1.7 billion of common stockholders’ equity, or approximately US$12.05 per share of common stock. ARI will retain substantially all of the net equity interest in the real estate properties it holds, which totaled approximately US$446 million as of September 30, 2025.
Under the definitive agreement, Athene has the right to assign the right to acquire the assets to affiliates of and funds managed by Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”), including Athene Co-Investment Reinsurance Affiliate entities. The transaction has been approved by ARI’s board of directors upon the unanimous recommendation of a special committee of independent directors of ARI’s board of directors. The transaction is subject to approval by the holders of a majority of the ARI’s outstanding shares of common stock.
The team was led by Perry Shwachman, Jonathan Blackburn, Paige Levitt, and Bonnie Neuman, and included Nicole Mouzakiotis and Richard Silverman.
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