These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. Sales, spins and splits what are the differences and why do they matter for investors like us? Head of Marketing & Corporate . Apollo Sues Two More Executives in Dispute Over Insurance Rival - WSJ We use Gain a global perspective on the US and go beyond with curated news and analysis from 600 Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. Still, the alternative asset manager's portfolio continues to get a lot of attention from market watchers, and rightfully so given the high-profile names it holds. And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. ", "Private equity was not immune to that," he added. The relationship has delivered hundreds of millions of dollars in asset management fees to Apollo, an amount the lawsuit called "exorbitant", citing an FT investigation that reported Apollo's. Black, 67, is worth $6.2 billion, according to Forbes magazine. The lawsuit filed in New York on . Apollo merges with Athene in a $29bn deal - Substack Apollo Law These statements are subject to certain risks, uncertainties and assumptions, including risks relating to Apollos dependence on certain key personnel, Apollos ability to raise new Apollo funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, and interest rate fluctuations, generally, Apollos ability to manage its growth, fund performance, the variability of Apollos revenues, net income and cash flow, Apollos use of leverage to finance its businesses and investments by Apollo Funds, Athenes ability to maintain or improve financial strength ratings, the impact of Athenes reinsurers failing to meet their assumed obligations, Athenes ability to manage its business in a highly regulated industry, changes in Apollos regulatory environment and tax status, litigation risks and Apollos ability to recognize the benefits expected to be derived from the Merger. Lehman and Hill City Capital. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered up efforts to help an ex-partner start a rival firm. The company does business in private equity and private credit. Apollo Global Management Inc. is suing two former employees of its affiliate Athene Holding Ltd. over their role in helping set up a rival insurance business. The transaction is expected to close in . In addition to the aforementioned Athene, an $11 billion all-stock acquisition it closed in 2022, Apollo currently owns security firm ADT, which it bought in 2016, and Yahoo Inc. (Yahoo Finance's parent company), which it acquired in 2021 for $5 billion. To learn more, please visit www.apollo.com. Apollo also said that the conflicts committee of its board has approved changes that would result in a simpler, more transparent corporate structure that is expected to be put in place by January 2022. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. No. 107: Aviva, Athene, and Apollo Are Defendants in a RICO Lawsuit The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings. cookies As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer For cost savings, you can change your plan at any time online in the Settings & Account section. organisation The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. You can still enjoy your subscription until the end of your current billing period. Apollo and Athene declined to comment to the news outlet. The companies announced Monday that they have agreed to merge by swapping stock . Apollo said Monday it would acquire longtime affiliate Athene Holdings. The deal would create a $29 billion conglomerate and put . We use See here for a complete list of exchanges and delays. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . Apollo Global Management, Inc. 2023 All Rights Reserved. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. Apollo Global Management, Inc. (NYSE: APO), Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT). The lawsuit is ongoing. Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. Noah Gunn Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Premium access for businesses and educational institutions. trending Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. The private equity firm said last month it would look into changing its corporate governance structure, getting rid of shares with special voting rights that currently give Black and other co-founders effective control of the firm. We are excited to continue executing on this plan together, said In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit For cost savings, you can change your plan at any time online in the Settings & Account section. All quotes delayed a minimum of 15 minutes. Apollo's Athene Quietly Settled Harassment Case Against Its CEO For Media: Joanna Rose. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Jim Belardi content Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. Apollo's Insurer Unit, Athene Holding, Quietly Settles Harassment Case Athene Holding Ltd. and Apollo Global Management LLC have obtained a temporary injunction from a Bermuda court blocking a pension fund's lawsuit claiming that Apollo is "looting" the insurance company from going forward, the Financial Times reported. Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. Apollo Completes Merger with Athene and Finalizes Key During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Amanda Carstens Steward. About Athene. Apollo buying Athene in $11B deal; COVID-19 class action allowed to Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. , Co-Presidents of Apollo Asset Management. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. In March, Apollo announced that it would acquire Athene, an annuities provider that Rowan helped create over a decade ago, in a deal that valued it at $11 billion. Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Scott Kleinman 3 min read. For a full comparison of Standard and Premium Digital, click here. Experts Say Apollo's Athene Acquisition Will Position - PLANSPONSOR and other data for a number of reasons, such as keeping FT Sites reliable and secure, The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. We support credit card, debit card and PayPal payments. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. NEW YORK, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Apollo and Athene today announced the successful completion of their merger under Apollo Global Management, Inc. (NYSE: APO), a high-growth alternative asset manager with asset management and retirement services capabilities. Asteward@athene.com. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. Communications@apollo.com, Amanda Carstens Steward Simply log into Settings & Account and select "Cancel" on the right-hand side. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Jim Zelter A host of major U.S. firms including Paul, Weiss, Rifkind, Wharton & Garrison and Skadden, Arps, Slate, Meagher & Flom have won roles on asset management juggernaut Apollo's $11 billion takeover. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Together we articulated an attractive plan to generate $15 billion of deployable capital over the next five years and more than double our fee-related earnings. Over the last few years, the firm has . Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. The lawsuit filed in New York on Friday is the latest salvo in a long-running dispute between the private equity firm led by Leon Black and Imran Siddiqui, a former Apollo executive. Adviser to Carlyle co-founder David Rubensteins family office registers with the SEC, Glennmont Partners sells Portuguese solar portfolio, Oaktree raises 1.2bn for private debt fund, Game on: Meet the PE firms building sports empires, TPGs Rise Fund II moves closer to target amid rise of impact investing. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Gain a global perspective on the US and go beyond with curated news and analysis from 600 IR@apollo.com, For Media: Apollos Board of Directors is led by non-executive Chair Photographer: Anthony Kwan/Bloomberg. Apollo-Athene: the new Berkshire Hathaway? | Financial Times EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. . The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. Athene and Apollo have seen tremendous mutual benefit from our longstanding strategic relationship, and now with full alignment our value will be significantly stronger than the sum of our parts, said Compare Standard and Premium Digital here. , CEO of Athene. An investor in Athene, the pension fund filed a complaint in June accusing Apollo and Athene of "dishonestly assisting" directors of the private equity firm's insurance unit of engaging in . APOLLO GLOBAL MANAGEMENT, INC. : Persberichten | APO1 * | US03769M1062 Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. journalists in 50+ countries covering politics, business, innovation, trends and more. Apollo Global: Athene Merger Is The Right Strategy - SeekingAlpha The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . and organisation Asia Stocks Rise on Hong Kong; Traders Wait on Fed: Markets Wrap, Factbox-Long-serving Qantas executive Vanessa Hudson named as next CEO, Oil Holds Loss Amid Concerns Over Chinese Demand, Banking Woes, Milken Latest: Saudis Look to Diversify Economy Beyond Just Oil, ADB announces funding plan for Asian efforts to combat climate change. This press release does not constitute an offer of any Apollo fund. Black's Apollo Fires New Salvo in Feud With Former Employees (3) analyse how our Sites are used. For a full comparison of Standard and Premium Digital, click here. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents or university personalising content and ads, providing social media features and to "If we make decisions as if we're going to own it forever, we usually will make the right decision. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. 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Read the latest financial and business news from Yahoo Finance. Athene Investor Contact Noah Gunn +1 441 279 8534 +1 646 768 7309 ngunn@athene.com Athene Media Contact Karen Lynn +1 441 279 8460 +1 515 342 3910 klynn@athene.com Apollo Investor . Following the transaction, Apollo Global Management, Inc. is now the publicly traded combined entity, with approximately 600 million shares of a single class of voting stock entitled to one vote per share. The company does business in private equity and private credit. The deal is expected to close in January 2022. Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co AEL.N, an annuities specialist that put itself up for sale in May, the Financial Times has reported. Contacts. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Apollo Global Management Inc.'s ( NYSE: APO) proposed merger with Athene Holding Ltd. ( ATH) was the logical next step in Apollo's permanent capital push. A Division of NBCUniversal. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. The last trading day closing prices of Apollo and Athene common stock imply that the combined Apollo opens with a market capitalization of $43 billion. Data is a real-time snapshot *Data is delayed at least 15 minutes. Apollo and Athene to Merge in All-Stock Transaction We support credit card, debit card and PayPal payments. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake, for more than a decade, providing asset allocation services and directly managing a portion of Athene's assets across its investment platform, primarily in its ever-expanding credit business. Apollo Proposes Merger With Insurance Firm Athene - Business Insider The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered up efforts to help an ex-partner start a rival firm. The deal is expected to be completed in January 2022. offers FT membership to read for free. Joanna Rose The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Scott Kleinman Simply log into Settings & Account and select "Cancel" on the right-hand side. * Apollo Global Management Inc. and Athene Holding Ltd. have agreed to merge in an all-stock transaction that implies a total equity value of roughly $11 billion for Athene. For Investors: Under the terms of the deal, each outstanding Class A common share of Athene will be exchanged for a fixed ratio of 1.149 shares of Apollo common stock. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. Apollo sues two more executives in dispute over insurance rival Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal, bringing in-house an annuities provider that helped turned it into one of the world's largest corporate credit investors. To learn more, please visit www.apollo.com. And that trend has continued in 2023 so far. These statements include, but are not limited to, discussions related to Apollos expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis and expectations regarding benefits anticipated to be derived from the merger (the Merger) with Athene Holding Ltd. (Athene). This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Central Laborers' Pension Fund agreed to discontinue its suit, filed in Manhattan state court, against both Athene and Apollo after a Bermuda judge issued a temporary .
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