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Apollo Global Management accomplished its acquisition of Aviva USA for $2.6 billion. The West Des Moines-based insurer is being incorporated into the private equity firm s Athene insurance arm and will be recognized as Athene USA.
From December deal for Aviva USA has been pending, while Apollo gained a bidding war for the company with a $1.8 billion offer to its London-based parent.
In April 2012Aviva USA was placed on the auction block. The original deal was conditional on a lengthy review by state insurance regulators concerned by the entry of private equity firms into the staid insurance sector.
New York established Apollo is keeping the annuities part of Aviva USA. It also declared the accomplishment of the long-expected sale...