Athene to take over US$2.8 billion in JCPenney pension obligations

NEW YORK: JCPenney said on Thursday it has agreed to transfer its pension obligations to annuities provider Athene, ensuring that the US department store chain's retired employees will continue to get their benefits.

Apollo Global Management, the private equity firm that controls Athene and earlier this month inked an US$11 billion deal to take it private, is seeking to profit by earning a higher return on investing the pension assets than its payouts to the retirees will be.Under the terms of the deal, JCPenney has agreed to transfer US$2.8 billion in pension obligations for roughly 30,000 participants in JCPenney's pension plan, according to people familiar with the matter.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exclusive: Athene to take over US$2.8 billion in J.C. Penney pension obligationsJ.C. Penney Co Inc said on Thursday it has agreed to transfer its pension obligations to annuities provider Athene Holding Ltd, ensuring that the U.S.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Exclusive: Athene to take over US$2.8 billion in J.C. Penney pension obligationsJ.C. Penney Co Inc said on Thursday it has agreed to transfer its pension obligations to annuities provider Athene Holding Ltd, ensuring that the U.S.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

SoftBank to take 40per cent stake in AutoStore for US$2.8 billionSoftBank Group Corp will acquire 40per cent of AutoStore from funds affiliated with Thomas Lee Partners and EQT Private Equity for US$2.8 billion, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Myanmar's junta approves US$2.8 billion investment, including gas power plantMyanmar's military rulers have approved new investment in projects worth nearly US$2.8 billion, including a liquefied natural gas (LNG) power ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »