AThora supported by Apollo is about to acquire the UK pension insurance company

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A European insurance group is approached by Apollo Global Management Retirement Insurance CompanyA deal that will push the giant of the alternative assets of the United States to the UK insurance market.

Athora, European -based insurance minority is owned ApolloIt is about to obtain a full ownership of the prior approval of a consortium from investors, including CVC Capital and Reinet Investments, a vehicle backed by South African billionaire Johann Robert, according to three people in this regard. A deal can be announced as soon as this week.

The AThora acquisition, which works in countries including Germany, Belgium and the Netherlands, will pay the UK, the largest retirement market in Europe.

This will come as capital giants in the United States such as Apollo and Brokevail Asset Asset Management, KKR and Carlyle, either at work in the UK retirement market or have studied acquisitions in recent years.

Prior approval refused to comment. Apollo and CVC did not respond immediately. Sky News mentioned first that PIC was approaching the sale.

PIC, which runs about 50 billion pounds in assets and has approximately 400,000 document holders in the United Kingdom, will double the size of AThora almost, according to the company’s material. It will also put prior approval under the full ownership of AThora, a European fast -growing insurance company supported by APollo.

Apollo works as the so -called “subdvisiser” by managing some of Athora’s assets, which means that it may have a hand in managing PIC’s clients.

The sale of prior approval will be one of the most important of them to its owners, who also include Abu Dhabi Investment Atlement and the American credit investor HPS Management. HPS completed earlier this week selling $ 12 billion to Blackrock.

The value of the PIC has multiplied almost three times since CVC investment for the first time in 2017. RINET, a Luxembourg -based investment vehicle, invested for the first time in pre -approval in 2012, and purchasing a 43 percent stake For 400 million pounds And increase its investments over time.

PIC has quickly expanded under Reinet and CVC by seizing the pension funds obligations of companies and assets that support them. In 2023, it obtained 6.5 billion pounds of obligations from the RSA public insurance company, then the largest deal in the United Kingdom of its kind.

Athora has studied the acquisition of prior approval for years, and the insurance company has previously captured the attention of other private capital giants, including Carlyle and KKR, The Financial Times previously I mentioned.

In recent years, Apollo has been an active investor in the UK, buying companies including Restaurant Group, the owner of the Wagamama Food series. Last month, I was committed To lend 4.5 billion pounds £ To finance the development of a nuclear power plant in Sumrest, England.

In 2022, APOLLO Insurance Company, ATHENE, ATHENE, Purchase More than a billion dollars of assets of pension funds in the UK during a crisis resulted from the disastrous “mini” budget in the United Kingdom.