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Apollo Global announces support for Athene's pending acquisition of Aviva USA

Apollo Global Management (APO) announced its support of Athene Holding's pending acquisition of the U.S. annuity and life insurance operations of Aviva (AV). In connection with this transaction, Apollo has agreed to provide up to $100M of capital support to Athene to the extent such support is necessary. Apollo currently provides asset allocation and related services to Athene and directly manages a portion of these assets across its investment platform. Upon completion of Athene’s acquisition of Aviva USA, which is expected to close in 2013 subject to customary conditions and regulatory approvals, Apollo may provide similar asset allocation and investment management services for a portion of Athene’s newly acquired assets, the asset manager said.