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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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  "pageNumber": 24,
  "pageCount": 48,
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  "slideType": "valuation_table",
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  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide compares Apollo standalone vs. a merged entity with Athene, highlighting pro forma earnings and per share growth.",
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  "slideHref": "/slides/019de070-c848-70bf-b83d-c0092b1a33c6/24",
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      "text": "1. Standalone includes payment from Apollo to AOG unit holders in lieu of corporate tax. Pro forma assumes 18% tax rate and no corporate tax payment to AOG unit holders.\n2. Athene adjusted operating income excludes earnings on stake in Apollo. Pro forma consensus 2021E calculated as consensus pre-tax income, less illustrative assumed taxes at 18% tax rate, less consensus preferred dividends. Consensus as of 3/5/2021 based on average of available research analyst projections.\n3. The pro forma information presented is illustrative and subject to a variety of assumptions. It does not represent pro forma financial information prepared in accordance with GAAP. Actual pro forma financial information will differ, perhaps materially, from the information presented.",
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      "kind": "table",
      "text": "2020A table showing Apollo After-tax Distributable Earnings, Athene Adjusted Operating Income, Pro Forma After-tax Earnings to Common, and Pro Forma Per Share.",
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      "kind": "table",
      "text": "Consensus 2021E table showing Apollo After-tax Distributable Earnings, Athene Adjusted Operating Income, Pro Forma After-tax Earnings to Common, and Pro Forma Per Share.",
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      "kind": "title",
      "text": "Financial Accretion",
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      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
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      "evidence": "The document presents the strategic rationale and financial benefits of the merger.",
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      "name": "Before After",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
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