Sidley Austin is advising annuity seller Athene Holding Ltd. on its acquisition of a controlling stake in Aqua Finance, a home improvement lender.
Weil Gotshal & Manges is advising Aqua Finance and Blackstone, whose funds are selling the company in a deal valued at about $1 billion and that is expected to close in 2022’s first half, according to a statement.
Sidley Austin also is advising Apollo Global Management Inc., which backs Athene. The transaction calls for Apollo to manage the investment on behalf of Athene, while Blackstone maintains a minority stake in Aqua, the statement said.
Aqua said its lending platform, which specializes in loans for home improvement and water treatment, has nearly doubled annual loan originations since Blackstone first invested in 2018. It expects originations to reach around $2 billion this year.
Apollo agreed in March to acquire Athene in a deal valued at about $11 billion that also is expected to close in 2022.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com; John Hughes in Washington at jhughes@bloombergindustry.com
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.