Athene to Purchase Stake in Dwelling-Enchancment Lender Aqua From Blackstone

(Bloomberg) — Athene Holding Ltd., the insurer, has agreed to amass a controlling stake in shopper lender Aqua Finance, its newest in a collection of offers meant to assist it discover extra uncommon sorts of debt to put money into.

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The acquisition values Aqua, which primarily lends to shoppers which are financing dwelling enchancment initiatives, at round $1 billion. Athene is buying from Blackstone, which can preserve a minority stake.

Apollo International Administration Inc. is within the course of of shopping for the portion of Athene that it doesn’t already personal. The asset administration agency and Athene have been boosting the loans they make to each shoppers and firms, to assist generate investments. Earlier this 12 months, Athene acquired Donlen Corp., an organization that funds automotive fleet leases, from Hertz International Holdings.

Aqua Finance is a Wisconsin-based shopper lender that initially specialised in financing householders’ water therapy initiatives, and has since expanded to other forms of dwelling enchancment and associated areas. It’s anticipated to make round $2 billion of loans this 12 months. Apollo has shopper and industrial lending platforms which are making loans at a fee of about $80 billion a 12 months.

The transaction is anticipated to shut within the first half of subsequent 12 months. Lazard Ltd. and Goldman Sachs Group Inc. are the monetary advisers.

(Updates with lending quantity in fourth paragraph. An earlier model of the story corrected an organization identify in paragraph three)

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