Apollo Management Holdings, L.P. and Athene Life Re Ltd. agreed to acquire 15% stake in Challenger Limited (ASX:CGF) from Caledonia (Private) Investments Pty Limited on July 6, 2021. Apollo Management Holdings, L.P. and Athene Life Re Ltd. entered into a share purchase agreement to acquire 15% stake in Challenger Limited (ASX:CGF) from Caledonia (Private) Investments Pty Limited for approximately AUD 610 million on July 7, 2021. The purchase price is subject to adjustments. As reported, Caledonia (Private) Investments Pty Limited will sell a total of 101.41 million shares in Challenger Limited at a price of AUD 6 per share, where Apollo Management Holdings, L.P. and Athene Life Re Ltd will each acquire 50% of the sale shares. The shares will be sold in 2 tranches with 80.4 million shares being sold in Tranche 1 and 20.99 million shares being sold in Tranche 2. When combined with other Challenger shares acquired by Athene and Apollo, the acquisition of the 15% equity interest will result in a total expected minority economic interest of 18%. Completion of the sale and purchase of the Tranche 2 Sale Shares is conditional on Apollo and Athene receiving the requisite approval under the Superannuation Industry (Supervision) Act 1993 (Cth) to hold a 'controlling stake' in an 'RSE licensee'; provided that if such approval is subject to a condition then any such condition must be acceptable to Athene and Apollo acting reasonably and Australian Prudential Regulation Authority approval. Completion of the sale of Tranche 1 Sale Shares will take place the third business day after the date of this agreement or as otherwise that may be agreed by the parties. Athene and Apollo have now received regulatory approval from APRA and today they will acquire the remaining 3%. When combined with other Challenger shares previously acquired by Athene and Apollo, the completion of this trade will result in Athene and Apollo?s economic ownership in Challenger being 18%. Perry J. Shwachman, Chad Vance and Jeremy C. Watson of Sidley Austin LLP acted as legal counsel to Athene and Apollo. Goldman Sachs Australia Pty Ltd acted as financial advisor to Challenger Limited. Michael Gajic of Squire Patton Boggs acted as legal advisor to the Caledonia (Private) Investments Pty Limited. Barrenjoey Capital Partners acted as financial advisor to Caledonia (Private) Investments Pty Limited.