Apollo Global Management Mergers and Acquisitions Presentation Deck
Highly Accretive Merger
Apollo Issues Shares in Merger
Apollo Share Price (Pre-Announcement 3/5/21)
Consideration Value, gross
Apollo Equity Held by Athene
Apollo Stock Issuance, net
Receive 100%¹ of Athene Retirement Services Earnings
Implied Acquisition P/E Multiple
Pro Forma Share Count (mm Shares)
Athene Diluted Shares Outstanding³
(-) Athene Shares Owned by Apollo
3rd Party Athene Shares Outstanding
(x) Exchange Ratio
Gross Apollo Share Issuance
(-) Apollo Equity Held by Athene
Net Apollo Share Issuance
4
(+) Existing Apollo Distributable Earnings Shares Outstanding
Pro Forma Shares Outstanding
198
(55)
144
1.149x
166
(29)
137
441
578
2020A
= $1.1bn²
6.3x¹
166m
x $49.56
$8.2bn
($1.4bn)
$6.8bn
Consensus
2021E
= $1.4bn²
5.0x¹
1 Calculations as of 3/5/21. Apollo receives 100% of Athene earnings as Apollo did not consolidate earnings on its stake in Athene pre-merger. If excluding equity owned by Apollo and proportional earnings attributable to Apollo's
ownership, translates to multiples of 8.9x and 6.9x 2020A adjusted operating EPS and consensus 2021E EPS including Apollo stake earnings and pre-merger tax rate.
2 Athene adjusted operating income excludes earnings on stake in Apollo. Pro forma consensus 2021E calculated as consensus pre-tax income, less illustrative assumed taxes at 18% tax rate, less consensus preferred dividends. Consensus
as of 3/5/2021 based on average of available research analyst projections. 3 Treasury stock method at $56.94 as of 3/5/21.4 Includes ~1m share issuance for management retention plan.
APOLLO
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