and other data for a number of reasons, such as keeping FT Sites reliable and secure, Apollo Announces Special Meeting Date to Approve Proposed Merger Simply log into Settings & Account and select "Cancel" on the right-hand side. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Scott Kleinman Apollo's merger with Athene: a Final $29bn-Step in a Long - BSIC Log in to keep reading or access research tools. Premium access for businesses and educational institutions. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . The lawsuit is ongoing. 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. Jim Belardi Global Head of Investor Relations, Apollo Apollo Completes Merger with Athene and Finalizes Key We cant find the page you're looking for. Apollo Proposes Merger With Insurance Firm Athene - Business Insider and other data for a number of reasons, such as keeping FT Sites reliable and secure, The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. The deal is expected to be completed in January 2022. Leon Black's Apollo Sues Former Employees - Bloomberg personalising content and ads, providing social media features and to university 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. However, it hasn't been immune to concerns in the broader economy. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . 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 Ltd, and prevent it from competing with their "golden goose," the insurer Athene Holding Ltd ATH.N. [email protected]. It opened a new office in London in April and invested 1 billion euros about $1.1 billion in real estate assets managed by Germany-based Vonovia. Though 2023 won't be a year defined by "new toys," as Rowan said previously, Apollo has done a handful of big deals while moving others over the finish line. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Apollo-Athene: the new Berkshire Hathaway? | Financial Times 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. Market Intelligence 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 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. Apollo Sues Two More Executives in Dispute Over Insurance Rival - WSJ (212) 822-0491. . According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging The firm has also been building up its presence in Europe. * 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. Click here for the latest trending stock tickers of the Yahoo Finance platform. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Premium access for businesses and educational institutions. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Five Major US Law Firms Take Roles on $11 Billion Apollo Acquisition The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. , CEO of Athene. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer Caldera has said he denied possessing confidential Apollo materials. The relationship between Apollo and Athene went under public pressure in 2019, when it was found out that Apollo was significantly overcharging Athene compared to the market standards. . Download the Yahoo Finance app for Apple or Android. Apollo Global Management, Inc. 2023 All Rights Reserved. NEW YORK (Reuters) - Apollo Global Management LLC. 652175/2018. Check if your [email protected], For Media: You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. Apollo said Monday it would acquire longtime affiliate Athene Holdings. [email protected]. 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. and Athene and Apollo Announce Closing of Transaction to Strengthen Amanda Carstens Steward. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. In February, Apollo clocked a profit after three quarters of losses. An Illinois pension fund has dropped a lawsuit accusing Apollo of charging "extravagantly expensive" fees to Athene, the life run-off acquirer that it founded. 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 (APO)-Athene (ATH) Merger to Create $29 Billion Firm - Yahoo Finance Under the terms of the transaction, each outstanding Class A common share of Athene . Apollo Law On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. Apollo and Athene declined to comment to the news outlet. [email protected]. The complaint further alleges that the defendant companiesAviva, Athene, and Apollotogether with other companies and certain individuals, participated in an unlawful RICO enterprise involving phony reinsurance with affiliates. Apollo merges with Athene in a $29bn deal - Substack Rowan, who co-founded Apollo 31 years ago, has been tasked with running the New York-based firm after board Chairman Leon Black said in January he would step down as chief executive by July, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein. Founded in 2009, Athene also serves as Apollo's partner insurance company and had total assets worth $202.8 billion at the end of 2020, with operations in the United States, Bermuda, and Canada. The deal is expected to close in January 2022. Apollo Global: Athene Merger Is The Right Strategy - SeekingAlpha Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . Experts Say Apollo's Athene Acquisition Will Position - PLANSPONSOR Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. The lawsuit filed in New York on . And that trend has continued in 2023 so far. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. You may change or cancel your subscription or trial at any time online. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. journalists in 50+ countries covering politics, business, innovation, trends and more. We use 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 judge issued the temporary injunction days before lawyers for the pension fund asked the court to stay the proceeding, because the lawsuit was filed in New York and they were not alerted to the action in Bermuda. (515) 342 6473 Marc Rowan Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. journalists in 50+ countries covering politics, business, innovation, trends and more. M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. (212) 822-0540 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. or 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. Apollo and Athene are world-class franchises that have flourished as strategic partners, and we expect the full alignment achieved by our merger will accelerate our collective growth, said Apollo CEO Standard Digital includes access to a wealth of global news, analysis and expert opinion. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. Mar 8, 2021, 1:57 PM PST. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. offers FT membership to read for free. 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. Apollo alleges. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . The company does business in private equity and private credit. Whether we own it forever or not isn't the point.". You can still enjoy your subscription until the end of your current billing period. and billionaire co-founder Leon Black said on Monday they have uncovered proof that a former executive suing them for $1.5 billion stole confidential information as he prepared to bolt the private equity firm and compete with it. Read the latest financial and business news from Yahoo Finance. Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Apollo sues two more executives in dispute over insurance rival Check if your If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. Apollo's Athene Quietly Settled Harassment Case Against Its CEO 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).
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