Athene and Apollo have announced that Athene has agreed to acquire a controlling stake in Aqua Finance, a consumer lending platform, from funds managed by Blackstone Tactical Opportunities, at a valuation of approximately $1 billion.
Under the terms of the transaction, Apollo will manage the investment on behalf of Athene. Blackstone would also maintain a minority stake in the company.
Aqua Finance is a Wisconsin-based specialist lending platform that originates and services consumer loans, primarily for home improvement and water treatment. Through this transaction, the new investor group expects to invest in new technology and innovation to further enhance the merchant customer experience and drive expansion of the network with new and existing partners.