Apollo’s $2.6 Billion Acquisition of Aspen Insurance

Apollo was advised by Willis Towers Watson and Libero Ventures and Sidley Austin LLP served as its legal counsel on this transaction. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as financial advisors to Aspen and Willkie Farr & Gallagher LLP served as its legal counsel on this transaction.

Affiliates of certain investment funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO), a leading global alternative investment manager and Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) have entered into a definitive agreement under which Aspen will be acquired by the Apollo Funds.

Under the terms of the agreement, which has been approved by Aspen’s Board of Directors, the Apollo Funds will acquire all of the outstanding shares of Aspen for $42.75 per share in cash, representing an equity value of approximately $2.6 billion.

The transaction is expected to close in the first half of 2019, subject to approval of regulators and Aspen’s shareholders and the satisfaction of other closing conditions. Consummation of the transaction is not subject to any financing contingencies. Upon completion of the transaction, Aspen will be a privately held portfolio company of the Apollo Funds and Aspen’s ordinary shares will no longer be listed on the New York Stock Exchange.

Sidley advised Apollo Global Management with a team including

Perry Shwachman (Picture), Sean Carney (Insurance) and Adam Snyder (Corporate) led the Sidley team drawn from the firm’s offices in Chicago, New York, Los Angeles and London. The team also included Andrew Holland, James Phythian-Adams, Marisa Young, Sara Africano and Samantha Walker (Insurance); Kyle Shires, Ryan Hicks, Leigh Rorick and Michael Vignone (Corporate); Tracy Williams, Peter Edgerton, Matt Schonholz, Oliver Currall and Laurence Wilcock (Tax); Ben Rosemergy, Lauren Gallagher, Susan Fanning, Peter McCorkell and James Weiss (Employee Benefits/Labor); and Hille Sheppard (Shareholder Litigation).

Willkie represented Aspen Insurance Holdings Limited with a team including Michael Groll, Rajab Abbassi, Joseph Ferraro, Tariq Mundiya, Ted Powers and Kurt Lyn.

 

Involved fees earner: Perry Shwachman – Sidley Austin LLP; Sean Carney – Sidley Austin LLP; Adam Snyder – Sidley Austin LLP; Kyle Shires – Sidley Austin LLP; Ryan Hicks – Sidley Austin LLP; Leigh Rorick – Sidley Austin LLP; Michael Vignone – Sidley Austin LLP; Andrew Holland – Sidley Austin LLP; James Phythian-Adams – Sidley Austin LLP; Marisa Young – Sidley Austin LLP; Sara Africano – Sidley Austin LLP; Samantha Walker – Sidley Austin LLP; Tracy Williams – Sidley Austin LLP; Peter Edgerton – Sidley Austin LLP; Matthew Schonholz – Sidley Austin LLP; Oliver Currall – Sidley Austin LLP; Laurence Wilcock – Sidley Austin LLP; Benjamin Rosemergy – Sidley Austin LLP; Lauren Gallagher – Sidley Austin LLP; Susan Fanning – Sidley Austin LLP; Peter McCorkell – Sidley Austin LLP; James Weiss – Sidley Austin LLP; Hille Sheppard – Sidley Austin LLP; Michael Groll – Willkie Farr & Gallagher; Rajab Abbassi – Willkie Farr & Gallagher; Joseph Ferraro – Willkie Farr & Gallagher; Albert Theodore Powers III – Willkie Farr & Gallagher; Kurt Lyn – Willkie Farr & Gallagher; Tariq Mundiya – Willkie Farr & Gallagher;

Law Firms: Sidley Austin LLP; Willkie Farr & Gallagher;

Clients: Apollo Global Management; Aspen Insurance Holdings Limited;