(RTTNews) - Apollo Global Management, Inc. (APO), Athene Holding Ltd. (ATH) and AmeriHome Mortgage Company LLC, Tuesday said it agreed to sell AmeriHome to a subsidiary of Western Alliance Bancorporation (WAL).
AmeriHome was founded in 2013 by AmeriHome management and funds affiliated with Apollo and subsidiaries of Athene to provide capital to US homeowners and residential mortgage originators.
"We are excited for this strategic step with Western Alliance Bank and the opportunities for growth ahead of us," said Jim Furash, Chief Executive Officer of AmeriHome. "Apollo and Athene have been invaluable partners in incubating AmeriHome from a start-up in 2013 to one of the country's leading mortgage originators and servicers. AmeriHome's success, and today's transaction, would not have been possible without the investment and strategic partnership of the teams at Apollo and Athene."
The purchase price represents about 1.4x adjusted tangible book value based on December 31, 2020 financials. The transaction is expected to close in the second quarter of 2021.
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