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  "documentTitle": "Apollo Global Management | Mergers and Acquisitions Presentation Deck | 48 slides",
  "authorId": "apollo-global-management",
  "authorName": "Apollo Global Management",
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  "presentationDate": "2021-03-01 00:00:00",
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  "notes": "Includes detailed footnotes explaining the calculation methodology for earnings and share counts.",
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      "kind": "disclaimer",
      "text": "1 Calculations as of 3/5/21... 2 Athene adjusted operating income... 3 Treasury stock method... 4 Includes ~1m share issuance...",
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      "text": "Pro Forma Share Count (mm Shares); Athene Diluted Shares Outstanding 198; (-) Athene Shares Owned by Apollo (55); 3rd Party Athene Shares Outstanding 144; (x) Exchange Ratio 1.149x; Gross Apollo Share Issuance 166; (-) Apollo Equity Held by Athene (29); Net Apollo Share Issuance 137; (+) Existing Apollo Distributable Earnings Shares Outstanding 441; Pro Forma Shares Outstanding 578",
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      "text": "Apollo Issues Shares in Merger 166m; Apollo Share Price (Pre-Announcement 3/5/21) x $49.56; Consideration Value, gross $8.2bn; Apollo Equity Held by Athene ($1.4bn); Apollo Stock Issuance, net $6.8bn",
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      "kind": "table",
      "text": "Receive 100% of Athene Retirement Services Earnings; 2020A ÷ $1.1bn; Consensus 2021E ÷ $1.4bn; Implied Acquisition P/E Multiple 6.3x; 5.0x",
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      "kind": "title",
      "text": "Highly Accretive Merger",
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