Sidley Advises Athora on €3.5 Billion Equity Commitment

Sidley is acting as counsel to Athora Holding Ltd. (Athora), a leading European savings and retirement services group, in connection with its €3.5 billion common equity commitment to support its acquisition of Pension Insurance Corporation Group Limited (PICG).

The equity commitments were secured from a broad base of institutional investors, including sovereign wealth funds Mubadala Investment Company and Abu Dhabi Investment Council, as well as pension funds, insurance companies, and other cornerstone investors, including Apollo and Athene. The majority of the issuance proceeds will be used to fund the acquisition, alongside the remaining equity commitments from Athora’s 2022 equity raise, on which Sidley also advised. The balance of the proceeds will further strengthen the Group’s capital position and support its broader long-term growth initiatives, including Pension Risk Transfers (PRT) in the Netherlands.

The cross-practice Sidley team was led by partners Sean Carney, Perry Shwachman, and Paige Levitt, with support from JD Heinz, Nicole Mouzakiotis, and Jacqueline Noel (Insurance). Also serving on the Athora team were Joseph Paral and Peter Edgerton (Tax); Elizabeth Tabas Carson, Lewis Atherton, and Bryony Bird (Global Finance) and Joseph Schwartz (Investment Funds).