A $720 million share purchase in annuities provider Challenger could be just a first step for Bermuda-based life assurance group Athene, which is seeking a regulatory approval that will only be required if it lifts its stake in the $4 billion company above 20 per cent.
Athene, which is merging with parent and private equity powerhouse Apollo Global Management, bought a long-held 15 per cent stake from high conviction Sydney-based fund manager Caledonia Investments on Wednesday morning.
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Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
