Apollo to Offer $1 Billion of Stock to Boost Athene Growth
Apollo is selling as much as $1.15 billion of convertible stock to put toward helping its Athene unit "capitalize on attractive opportunities.”
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Apollo Global Management Inc. said it would sell as much as $1.15 billion of convertible stock aimed at helping its Athene unit seize on market turbulence.
The alternative investment firm said Monday it intends to use the proceeds to “capitalize on attractive opportunities available in the current market environment.” The shares dropped 3.2% to $83.55 at 4:53 p.m. in late New York trading.