Athene to buy Foundation Home Loans

Agreements have been signed for Foundation Home Loans to be acquired by Athene Holding Ltd.

The transaction is subject to regulatory approvals.

The investment in Foundation will be managed by the team at Apollo Global Management, Athene’s strategic asset management partner.

Jim Belardi, chairman and CEO at Athene, said: "This transaction continues our long standing strategy of working with Apollo to identify and invest in attractive businesses which add direct origination asset sourcing capabilities to our alpha-generating investment portfolio.

“We believe our investment will help Foundation achieve its full potential, while being a complementary addition to our expanding asset sourcing capabilities." 

Christopher Hojlo, partner at Apollo, added: "We expect that Foundation will contribute high quality assets to Athene's residential mortgage portfolio of loans and structured securities, which exceeded $13bn of net invested assets as of 31st March, and exhibits a strong yield profile that is indicative of the alpha generation the asset class can offer."

Hans Geberbauer, CEO at Foundation, (pictured above), commented: "We are delighted to partner with Athene and Apollo for the next phase of growth in the UK specialist lending market.

“Their expertise and funding capacity will greatly enhance our position in the market."

George Gee, commercial director at Foundation, commented:  “We are pleased to announce the new ownership, which will allow us to continue to pursue our growth plans and further support our partners in the intermediary mortgage market. 

“The access to Athene’s balance sheet will greatly strengthen and diversify Foundation’s sources for funding its lending, providing intermediary partners with even greater confidence in the solutions we offer to their clients.”

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