Sidley, Weil Lead as Apollo-backed Athene Buys Aqua Finance

Sidley Austin is advising annuity seller Athene Holding Ltd. on its acquisition of a controlling stake in Aqua Finance, a home improvement lender.

Weil Gotshal & Manges is advising Aqua Finance and Blackstone, whose funds are selling the company in a deal valued at about $1 billion and that is expected to close in 2022’s first half, according to a statement.

Sidley Austin also is advising Apollo Global Management Inc., which backs Athene. The transaction calls for Apollo to manage the investment on behalf of Athene, while Blackstone maintains a minority stake in Aqua, the statement said.

Aqua said its ...