Apollo Global Management, Inc. (together with its consolidated
subsidiaries, “Apollo”) (NYSE: APO); Athene Holding Ltd. (together
with its consolidated subsidiaries, “Athene”) (NYSE: ATH); and GE
Capital, the financial services arm of GE (NYSE: GE), today
announced they have closed their previously announced transaction
for Apollo and Athene to purchase PK AirFinance, an aviation
lending business, from GECAS, GE Capital’s Aviation Services
unit. In connection with this transaction, Apollo has
acquired the PK AirFinance aircraft lending platform and Athene has
acquired PK AirFinance’s existing portfolio of loans.
PK AirFinance is a leading aircraft lending
business that serves airlines, aircraft traders, lessors, investors
and financial institutions globally with loans to borrowers in more
than 40 countries. Substantially all of the $3.6 billion of PK
AirFinance financing receivables that were held for sale in the
second quarter of 2019 are being sold in the transaction, at a
premium to book value.
Financial details of the transaction are not
being disclosed, although today’s close represents receipt by GE of
more than 90% of agreed proceeds. The transfer of the remaining
portion of the business is deferred pending certain regulatory and
other conditions and is expected to be completed in the first half
of 2020.
About Apollo Global
ManagementApollo is a leading global alternative
investment manager with offices in New York, Los Angeles, San
Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg,
Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had
assets under management of approximately $323 billion as of
September 30, 2019 in credit, private equity and real assets funds
invested across a core group of nine industries where Apollo has
considerable knowledge and resources. For more information about
Apollo, please visit apollo.com.
About Athene Athene, through
its subsidiaries, is a leading retirement services company that
issues, reinsures and acquires retirement savings products designed
for the increasing number of individuals and institutions seeking
to fund retirement needs. The products offered by Athene
include:
- Retail fixed, fixed indexed and
index-linked annuity products;
- Reinsurance arrangements with
third-party annuity providers; and
- Institutional products, such as
funding agreements and group annuity contracts related to pension
risk transfers.
Athene had total assets of $144.2 billion as of
September 30, 2019. Athene's principal subsidiaries include Athene
Annuity & Life Assurance Company, a Delaware-domiciled
insurance company, Athene Annuity and Life Company, an
Iowa-domiciled insurance company, Athene Annuity & Life
Assurance Company of New York, a New York-domiciled insurance
company and Athene Life Re Ltd., a Bermuda-domiciled reinsurer.
Further information about our companies can be found
at athene.com.
About GEGE (NYSE:GE) drives the
world forward by tackling its biggest challenges. By combining
world-class engineering with software and analytics, GE helps the
world work more efficiently, reliably, and safely. For more than
125 years, GE has invented the future of industry, and today it
leads new paradigms in additive manufacturing, materials science,
and data analytics. GE people are global, diverse and dedicated,
operating with the highest integrity and passion to fulfill GE’s
mission and deliver for our customers. ge.com
About GECASGE Capital Aviation
Services (GECAS) is a world-leading aviation lessor and financier.
For over five decades, we have solved our customers’ challenges and
helped their businesses to thrive. Whether your need is for narrow-
or widebody aircraft, regional jets, turboprops, freighters,
engines, helicopters, financing or materials, our name has become
synonymous with trusted relationships and domain expertise.
GECAS offers a broad array of financing products
and services on these assets including operating leases,
purchase/leasebacks, secured debt financing, asset sales and
servicing, and airframe parts management. GECAS owns, services or
has on order more than 1,850 aircraft (~1,500 fixed wing/ ~350
rotary wing), plus provides loans collateralizes on an additional
~320 aircraft. GECAS serves ~250 customers in over 75 countries
from a network of 20 offices around the world. gecas.aero
Apollo Forward Looking Statements
DisclaimerThis press release may contain forward looking
statements that are within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, discussions related to Apollo’s
expectations regarding the performance of its business, its
liquidity and capital resources and the other non-historical
statements in the discussion and analysis. These forward-looking
statements are based on management's beliefs, as well as
assumptions made by, and information currently available to,
management. When used in this press release, the words “believe,”
“anticipate,” “estimate,” “expect,” “intend” or future or
conditional verbs, such as “will”, “should”, “could”, or “may,” and
variations of such words or similar expressions are intended to
identify forward-looking statements. Although management believes
that the expectations reflected in these forward-looking statements
are reasonable, it can give no assurance that these expectations
will prove to have been correct. These statements are subject to
certain risks, uncertainties and assumptions, including risks
relating to Apollo’s dependence on certain key personnel, Apollo’s
ability to raise new private equity, credit or real asset funds,
market conditions, generally, Apollo’s ability to manage its
growth, fund performance, changes in Apollo’s regulatory
environment and tax status, the variability of Apollo’s revenues,
net income and cash flow, Apollo’s use of leverage to finance its
businesses and investments by its funds and litigation risks, among
others. Apollo believes these factors include but are not limited
to those described under the section entitled “Risk Factors” in
Apollo Global Management, Inc.’s annual report on Form 10-K filed
with the Securities and Exchange Commission (the “SEC”) on March 1,
2019 and quarterly report on Form 10-Q filed with the SEC on August
6, 2019, as such factors may be updated from time to time in
Apollo’s periodic filings with the SEC, which are accessible on the
SEC’s website at www.sec.gov. These factors should not be construed
as exhaustive and should be read in conjunction with the other
cautionary statements that are included in this press release and
in other filings. Apollo undertakes no obligation to publicly
update or review any forward-looking statements, whether as a
result of new information, future developments or otherwise, except
as required by applicable law. This press release does not
constitute an offer of Apollo or of any Apollo fund.
Athene Forward Looking Statements
DisclaimerThis press release contains, and certain oral
statements made by Athene’s representatives from time to time may
contain, forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements are
subject to risks and uncertainties that could cause actual results,
events and developments to differ materially from those set forth
in, or implied by, such statements. These statements are based on
the beliefs and assumptions of Athene's management and the
management of Athene's subsidiaries.
Generally, forward-looking statements include
actions, events, results, strategies and expectations and are often
identifiable by use of the words “believes,” “expects,” “intends,”
“anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,”
“will,” “could,” “might,” or “continues” or similar expressions.
Factors that could cause actual results, events and developments to
differ include, without limitation: the accuracy of Athene’s
assumptions and estimates; Athene’s ability to maintain
or improve financial strength ratings; Athene’s ability to
manage its business in a highly regulated industry; regulatory
changes or actions; the impact of Athene’s reinsurers failing to
meet their assumed obligations; the impact of interest rate
fluctuations; changes in the federal income tax laws and
regulations; the accuracy of Athene’s interpretation of the Tax
Cuts and Jobs Act, litigation (including class action litigation),
enforcement investigations or regulatory scrutiny; the performance
of third parties; the loss of key personnel; telecommunication,
information technology and other operational systems failures; the
continued availability of capital; new accounting rules or changes
to existing accounting rules; general economic conditions; Athene’s
ability to protect its intellectual property; the ability to
maintain or obtain approval of the Delaware Department of
Insurance, the Iowa Insurance Division and other regulatory
authorities as required for Athene’s operations; and other factors
discussed from time to time in Athene's filings with the SEC,
including its annual report on Form 10-K for the year ended
December 31, 2018, and its quarterly report on Form 10-Q for the
quarterly period ended September 30, 2019, which can be found at
the SEC’s website www.sec.gov.
All forward-looking statements described herein
are qualified by these cautionary statements and there can be no
assurance that the actual results, events or developments
referenced herein will occur or be realized. Athene does not
undertake any obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results.
GE Forward Looking Statements
DisclaimerThis document contains "forward-looking
statements" - that is, statements related to future events that by
their nature address matters that are, to different degrees,
uncertain. For details on the uncertainties that may cause GE’s
actual future results to be materially different than those
expressed in our forward-looking statements, see
https://www.ge.com/investor-relations/important-forward-looking-statement-information
as well as GE’s annual reports on Form 10-K and quarterly reports
on Form 10-Q. GE does not undertake to update its
forward-looking statements. This document also includes certain
forward-looking projected financial information that is based on
current estimates and forecasts. Actual results could differ
materially.
GE’s Investor Relations website at
www.ge.com/investor and our corporate blog at www.gereports.com, as
well as GE’s Facebook page and Twitter accounts, contain a
significant amount of information about GE, including financial and
other information for investors. GE encourages investors to visit
these websites from time to time, as information is updated and new
information is posted.
Apollo Investor ContactGary M. SteinHead of
Investor Relations+1 212 822 0467gstein@apollo.com
Apollo Media ContactsJoanna RoseGlobal Head of
Corporate Communications+1 212 822 0491jrose@apollo.com
Charles ZehrenRubenstein Associates, Inc. for Apollo Global
Management, Inc.+1 212 843 8590czehren@rubenstein.com
Athene Investor ContactNoah
Gunn
+1 441 279 8534+1 646 768
7309
ngunn@athene.com
Athene Media ContactKaren Lynn+1 441 279 8460+1
515 342 3910klynn@athene.com
GE Investor ContactSteve Winoker+1 617 443
3400swinoker@ge.com
GE Media ContactMary Kate Mullaney+1 202 304
6514marykate.mullaney@ge.com
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