Apollo Global Management is to merge with Athene Holding, the life insurance company it created at the height of the financial crisis, transforming the alternative asset manager into a financial conglomerate with a market capitalisation worth almost $30bn.
The deal comes weeks after Leon Black announced he was to step down as Apollo chief executive, following an independent inquiry into his personal relationship with the late sex offender Jeffrey Epstein.
It also brings to an end a lucrative fee arrangement between the two companies that drew two lawsuits from Athene investors after it became the subject of a Financial Times investigation in 2018.
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