Sidley Austin Guides Apollo Unit In $1.8B Aviva USA Buy

Law360, New York (December 21, 2012, 4:24 PM ET) -- An insurance holding subsidiary of Apollo Global Management LLC has agreed to pick up Aviva PLC's U.S. arm for about $1.8 billion, the companies announced Friday, in a deal through which Aviva will take a nearly $1 billion hit from what it originally paid for the operations.

Per the deal, Bermuda-based Athene Holding Ltd. will pick up the annuity and life insurance operations of Aviva USA Corp., giving the U.K. company $1.5 billion cash and also erasing about $257 million of its debt, according to a...
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