Apollo Global将ATLAS SP的少数股权出售给MassMutual

2024-04-25 02:30

Apollo Global Management (NYSE:APO) sold a minority stake in ATLAS SP Partners to MassMutual and has made the mutual life insurance company a capital partner to its warehouse finance and securitized products business, which is majority owned by Apollo funds, the company said on Wednesday.
As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo's (APO) Asset-Backed Finance franchise. Financial terms of the deal weren't disclosed.
The commitments will bolster ATLAS SP's capacity to provide warehousing and other investment-grade asset-backed products to the more than 200 financing clients of ATLAS SP, Apollo said. Meanwhile, MassMutual gets access to predominantly investment-grade, asset-backed credit originated by the ATLAS SP platform alongside Apollo's retirement services businesses, the companies said.
The transaction underscores the trend for private equity firms to either acquire or team up with insurers. In early 2022, Apollo (APO) acquired Athene, an insurer and retirement services provider, adding to Apollo's capital base and broadening its distribution channels. In February 2021, KKR (KKR) closed on its $4.7B Global Atlantic purchase, giving it one of the U.S.'s largest fixed-rate and fixed-annuity providers.

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