A deal that presents the opportunity for Athene Holding Ltd to be included in a major S&P index, such as the S&P 500, has been concluded.The Bermudian-based retirement services company has concluded a “strategic transaction” with its partner Apollo Global Management Inc.Among other things, the transaction eliminates Athene’s multi-class share structure, increase Apollo’s economic ownership of Athene to around 34 per cent and added about $1 billion of incremental excess capital for Athene.In a statement, the company said the transaction had closed having obtained customary shareholder and regulatory approvals.Jim Belardi, chief executive officer of Athene, said: “We are pleased to announce the closing of this strategic transaction between Athene and our longstanding strategic partner, Apollo. “With the recent overwhelming shareholder approval, Athene has eliminated its historical multi-class share structure and is now fully eligible for inclusion in a major S&P index.“Importantly, this transaction will broaden our appeal to a wider range of both active and passive investors. We view our new direct investment in Apollo as strategic in nature, and look forward to participating in Apollo’s robust growth, profitability, and yield characteristics.”While Leon Black, chairman and CEO of Apollo, said: “We are tremendously excited to announce the completion of this important strategic transaction, which we believe meaningfully enhances value for both Apollo and Athene shareholders.“Athene and Apollo have developed a special and symbiotic relationship since Athene’s inception more than a decade ago. By nearly doubling our ownership in Athene to approximately 34 per cent, we are reinforcing the durability of our relationship, and enhancing the strong alignment between the two companies. “In addition, as a result of Athene’s new ownership stake in Apollo, which represents its single largest investment, Athene now has a direct economic interest in Apollo’s financial success for the first time.”Athene was set up in Bermuda in 2009 with four employees. It now has more than 1,300 employees worldwide. Last year it doubled its profit to $2.136 billion.