Apollo-Aspen deal gets shareholder approval

Apollo Global Management's deal to buy Aspen Insurance by funds under management has received the approval of Aspen's shareholders, with the deal expected to close in the first half of 2019.

A special general meeting of the shareholders of Aspen Insurance Holdings was held on December 10, 2018, approving the $2.6 billion merger of Aspen and Highlands Holdings and its subsidiary Highlands Merger Sub.

Highland Holdings is owned by Apollo and provides homebuilding services.

Apollo Funds had announced in August that it would acquire all of the outstanding shares of Aspen for $42.75 per share in cash, representing an equity value of approximately $2.6 billion, and take the insurer private.

Once the deal is complete, Aspen will be a privately held portfolio company of the Apollo Funds and Aspen’s ordinary shares will no longer be listed on the New York Stock Exchange.