AP Alternative Assets, L.P.
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Publicatie datum
30 okt 2012 - 21:36
Statutaire naam
AP Alternative Assets, L.P.
Titel
AP Alternative Assets, L.P. Announces Completion of Strategic Review Resulting in Significant Corporate Transaction
Bericht
AP Alternative Assets, L.P. Announces Completion of Strategic Review Resulting in
Significant Corporate Transaction
--AAA Announces Tender for up to $100 million at $15.00- $16.00 per Unit—
--AAA Agrees to Transformative Transaction with Athene—
--Strategic Plan Intended to Accelerate Delivery of Value to AAA Unitholders --
Guernsey, Channel Islands, October 30, 2012: AP Alternative Assets, L.P. (“AAA”; Euronext
Amsterdam: AAA) announced today that as a result of the strategic review requested by the
Board of Directors of AAA Guernsey Limited (the “Board”), in its capacity as general partner of
AAA, it has agreed upon a strategic plan intended to accelerate the ultimate delivery of value to
its unitholders.
As part of this strategic plan, AAA has entered into a definitive agreement to contribute
substantially all of its investments to Athene Holding Ltd. (“Athene”) in exchange for Class A
common shares of Athene, cash and a short term promissory note (the “Transaction”).
The cash and the proceeds from the repayment of the promissory note received by AAA in the
Transaction, together with the existing cash on AAA’s balance sheet, will be used to (i) repay all
of AAA’s outstanding borrowings and (ii) tender for AAA units. AAA plans to launch a “Dutch
auction” tender in connection with the consummation of the Transaction, in which AAA will
tender for up to $100 million worth of its own units at a price between $15.00 and $16.00 per
unit(the “Cash Tender Offer”).
Upon completion of the Transaction, which is expected to close by October 31, 2012, Athene
will be AAA’s only material asset and, in the aggregate, AAA will remain the largest
shareholder of Athene with a 77% ownership stake (based on capital invested to date).
Following the consummation of the Transaction, Apollo Alternative Assets, L.P., a subsidiary of
Apollo Global Management, LLC (“AGM” and collectively with its subsidiaries, “Apollo”) and
the manager of AAA (the “Manager”), intends to pursue actively one o
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