Apollo, Aviva nearing another big deal

|About: Apollo Global Management, LLC (APO)|By:, SA News Editor

Just under two months after Apollo Global's (APO) Athene Holding paid $2.6B for its U.S. life and annuities business (see here and here), Aviva (AV) is set to make another deal with the private equity firm.

APO is close to spending ~£400M on a "block of distressed UK property holdings" that AV has decided to sell, according to FT.

Currently, around 47% of the insurer's UK property portfolio is performing poorly, causing the company to earmark ~$2.45B for losses.

The block of assets AV has decided to sell is "twice as big as the set of industrial property assets that Royal Bank of Scotland brought to market last month," Alistair Gray writes.