Bermuda-based Aeolus Capital Management (Aeolus) has announced the closing of the previously announced deal between Aeolus and Elliott Management Corporation (Elliott).
According to the terms of the deal, which was first announced in November 2016, Elliot’s subsidiaries Elliott Associates and Elliott International have now acquired a controlling interest in Aeolus and its affiliated entities.
Elliott acquired its controlling interest from Peter Appel, founder of Aeolus, and Allied World Assurance Company (Allied World), an investor in Aeolus since December 2012.
According to the company Appel has retained a significant minority interest in Aeolus and will serve as its non-executive chairman. Allied World has also retained a minority interest and will continue to be a substantial capital provider to the investor vehicles managed by Aeolus.
The Aeolus management team, led by Andrew Bernstein, Chris Grasso, Trevor Jones and Frank Fischer, will continue in their current roles and retain their entire equity ownership interest in the business.