Apollo Global: Athene Acquires Aviva

Zacks

Shares of Apollo Global Management, LLC (APO) rose by 2.7% at the end of the trading session on Oct 2, following the company’s announcement of completion of the acquisition of the U.S. annuity operations of Aviva plc by Athene Holding Ltd.

The completion of the transaction works in favour of Apollo Global, which provides asset allocation and related services to Athene. The newly acquired assets will also be added to the company’s total assets under management, which is expected to increase $45 billion to $158 billion. The total assets under management will comprise of $107 billion in credit, $40 billion in private equity, and $9.5 billion in real estate.

A day earlier, funds affiliated with Apollo Global completed the acquisition of Pitney Bowes Management Services for $400 million in cash.

The current Zacks Consensus Estimate for Apollo Global for years 2013 and 2014 are pegged at $3.60 and $3.03, reflecting annual decline of 5.9% and 15.6%, respectively. Despite the annual decline, the results are anticipated to be better compared with the Zacks Consensus. We have Earnings ESP of +38.0% for 2013 and +71.2% for 2014.

Apollo Global Management, LLC is a New-York based publicly owned investment manager. The company currently has a market capitalization of $4.2 billion and carries a Zacks Rank #3 (Hold).

Other companies to watch out for in the industry are Artisan Partners Asset Management Inc. (APAM) and GAMCO Investors, Inc. (GBL), each with a Zacks Rank #1 (Strong Buy) while Affiliated Managers Group Inc. (AMG) holds a Zacks Rank #2 (Buy).

Read the Full Research Report on APORead the Full Research Report on AMGRead the Full Research Report on APAMRead the Full Research Report on GBLZacks Investment Research
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