Apollo Commercial Real Estate Finance has agreed to sell its loan portfolio to Athene for a purchase price equal to 99.7% of total loan commitments, excluding two loans totaling $146 million. This deal is expected to leave ARI with a common equity book value per share of about $12.05 and roughly $1.4 billion of net cash. The sale is designed to close a long-running valuation gap and includes a 25-day go-shop period, stockholder approval, and is set to close in the second quarter. Management also plans to pursue strategic options, including M&A or potential dissolution if necessary.

Read more at Yahoo Finance: Apollo Commercial Real Estate Finance to Sell Loan Portfolio to Athene, Targets $12.05 Book Value