...October 28, 2019 NEW YORK (S&P Global Ratings) Oct. 28, 2019--S&P Global Ratings today said its ratings on Apollo Global Management Inc. (A/Negative/--) are not affected by the company's recent announcement regarding its strategic transaction with Athene Holding Ltd. Apollo plans to increase its equity ownership in Athene to 35% by buying an incremental 18% stake, acquiring $1.55 billion of Athene shares. Athene plans to acquire a 7% equity ownership in Apollo's operating group entities ($1.2 billion). Apollo and Athene are issuing and exchanging a $1.2 billion common equity interest in each of Athene (at a 2.3% premium) and Apollo (based on closing market price of Apollo's Class A common shares on Oct. 25, 2019), and Apollo is investing an additional $350 million in Athene (at a 10% premium). Athene will also be eliminating its dual-class/super-voting structure, resulting in a single class of Athene common stock for all shareholders and pro rata voting rights commensurate with ownership....
