Sidley advises Athora Holding Ltd on $7.24 billion acquisition of Pension Insurance Corporation Group Limited

Athora is a European savings and retirement services provider backed by Apollo Global Management and Athene Holdings, with approximately EUR 76 billion in assets under management and administration on behalf of 2.8 million policyholders before the transaction.
The deal is an approximately GBP 5.7 billion acquisition of Pension Insurance Corporation Group Limited, supported by a EUR 3.5 billion common equity commitment; Athora said most of the issuance proceeds would fund the acquisition, with the balance reinforcing capital and broader growth initiatives.
Completion is expected in early 2026, after which PICG will become Athora's first UK subsidiary and its UK insurance platform, extending Athora's footprint beyond the Netherlands, Belgium, Italy, and Germany.

Athora is a European savings and retirement services provider backed by Apollo Global Management and Athene Holdings, with approximately EUR 76 billion in assets under management and administration on behalf of 2.8 million policyholders before the transaction.
The deal is an approximately GBP 5.7 billion acquisition of Pension Insurance Corporation Group Limited, supported by a EUR 3.5 billion common equity commitment; Athora said most of the issuance proceeds would fund the acquisition, with the balance reinforcing capital and broader growth initiatives.
Completion is expected in early 2026, after which PICG will become Athora's first UK subsidiary and its UK insurance platform, extending Athora's footprint beyond the Netherlands, Belgium, Italy, and Germany.

Deal Overview