Apollo-Backed Athene to Take Stake in Prudential’s U.S. Unit (2)

Prudential Plc has sold a stake in its U.S. business to Apollo Global Management Inc.-backed Athene Holding Ltd. in a deal that values the unit at about $4.5 billion. Its shares surged.

Athene will inject $500 million into operations including Jackson National Life Insurance Co., according to a statement from Prudential on Thursday. That comes after theU.K.-listed insurance giant said in March it was preparing to list a minority stake in its U.S. business.

“This agreement is a key step forward in meeting our strategic objectives for Jackson,” Prudential Chief Executive Officer Mike Wells said in the ...