Athene Holding Ltd (ATH.N), the life insurance affiliate of private equity firm Apollo Global Management (APO.N), has expressed interest for buying all or parts of General Electric Co’s (GE.N) long-term care insurance business, the Financial Times reported, citing two people familiar with the matter.
The talks are at an early stage and GE could seek other potential buyers, according to the report here
GE did not immediately respond to a Reuters request for comment, while Apollo Global and Athene declined to comment.
Reuters had reported in May that GE was working with investment bankers to find ways to shed its insurance business, which has caused it to book hefty charges while sparking shareholder lawsuits and an investigation by U.S. regulators.
GE said on Tuesday it will spin off its healthcare business and divest its stake in oil-services firm Baker Hughes (BHGE.N), focusing on jet engines, power plants and renewable energy.
Source: Reuters.com