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A savings and status services radical backed by Apollo Global Management is closing successful connected a near-£6bn takeover of Pension Insurance Corporation (PIC), 1 of the City's biggest specializer insurers.
Sky News has learnt that Athora, which is minority-owned by Apollo, the US-based alternate investments giant, is days distant from striking a woody to instrumentality power of PIC.
City sources said the deal, worthy conscionable nether £6bn, could beryllium announced arsenic soon arsenic this week.
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It would correspond a landmark transaction successful the pension hazard transportation market, wherever insurers specified arsenic PIC, Legal & General and Rothesay instrumentality connected companies' defined payment pension schemes and the assets down them.
RSA, the insurer, and British American Tobacco are among the firm names with which PIC has transacted.
It has besides signed agreements with Chemring and Qantas.
PIC's shareholders see CVC Capital Partners, BlackRock-owned HPS, a subsidiary of the Abu Dhabi Investment Authority and Reinet, a conveyance created from the restructuring of luxury goods radical Richemont.
Reinet, which owns 49.5% of PIC, issued a connection precocious past week confirming it was successful talks to merchantability its involvement but without naming the imaginable acquirer.
Apollo antecedently looked astatine an connection for PIC successful 2023, with rival bidders including Carlyle and KKR besides emerging.
The marketplace for bulk annuities has exploded successful caller years arsenic companies question to offload a assortment of pension-related fiscal risks.
PIC precocious announced the status of its long-serving main executive, Tracy Blackwell, and has yet to sanction her successor.
Apollo declined to comment, portion PIC has been contacted for comment.
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