BREAKINGVIEWS-Apollo yield machine finds new fuel in UK pensions
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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Liam Proud
LONDON, July 4 (Reuters Breakingviews) - Athora, part-owned by the private-markets giant, is buying a retirement-scheme manager for $7.8 bln. It’s a full price, and the target’s past returns seem pedestrian. But the real juice will come from rolling up pensions and investing through Apollo’s credit-to-property engine.
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CONTEXT NEWS
Specialised life insurance group Athora has agreed to buy Britain’s Pension Insurance Corporation for 5.7 billion pounds ($7.8 billion), both companies said on July 3.
Athora, which has 76 billion euros ($89.7 billion) of assets under administration before the deal, is backed by U.S. private-markets giant Apollo Global Management.
(Editing by Aimee Donnellan; Production by Streisand Neto)
((For previous columns by the author, Reuters customers can click on PROUD/liam.proud@thomsonreuters.com))