WAL - Apollo Global Athene to sell AmeriHome Mortgage to Western Alliance

Apollo Global Management (APO) and Athene Holding (ATH) agree to sell AmeriHome Mortgage, the nation's third largest correspondent mortgage acquirer, to Western Alliance Bancorporation (WAL).The purchase price, which APO didn't disclose, represents ~1.4x adjusted tangible book value based on Dec. 31, 2020 financials. The transaction is expected to close in Q2 2021.Apollo and Athene helped incubate AmeriHome from a startup in 2013, said its CEO Jim Furash. AmeriHome's production volume expanded to $64.5B in 2020 from $18.7B in 2015 and its servicing portfolio increased to $98.8B from $18.9B over the same period.

For further details see:

Apollo Global, Athene to sell AmeriHome Mortgage to Western Alliance