Apollo, Crestview, Reverence Capital to buy Voya Insurance and Annuity

Voya Financial Inc said Dec. 21 that it agreed to sell Voya Insurance and Annuity Co, which includes its closed block variable annuity segment, to Apollo Global Management, Crestview Partners and Reverence Capital Partners. Athene Holding Ltd, in a separate release, said it will invest $75 million into Venable Holding, the company formed to buy Voya Insurance. Voya Financial said the transaction will result in about $1 billion of value. Goldman Sachs & Co LLC served as financial adviser to Voya, while Willkie Farr & Gallagher LLP provided legal counsel.

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