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2023 CNBC LLC. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . 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. Leon Black. IR@apollo.com, For Media: 652175/2018. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit, Banking Essentials Newsletter: 5th May Edition, Practical steps to achieve net-zero underwriting Set a baseline, define targets and take action, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023. analyse how our Sites are used. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. The problem was that Athene's investors had a problem with Apollo's relationship with them, and in 2019 a lawsuit accused Apollo of overcharging Athene by hundreds of millions of dollars for their services. 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. All quotes delayed a minimum of 15 minutes. and 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. In February, Apollo clocked a profit after three quarters of losses. , CEO of Athene. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. This press release does not constitute an offer of any Apollo fund. Head of Marketing & Corporate Communications, Athene Communications@apollo.com. Follow her on Twitter at @agarfinks and on LinkedIn. Leon Black is proving once again hes not someone to cross. The companies announced Monday that they have agreed to merge by swapping stock . Motion to Compel Arbitration in Apollo Asset Management, Inc. (f/k/a It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. content You may change or cancel your subscription or trial at any time online. or Read the latest financial and business news from Yahoo Finance. Apollo, Leon Black say ex-partner's theft shows 'betrayal' 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. Communications@apollo.com, Amanda Carstens Steward Contacts. The lawsuit filed in New York on . We use . 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. Apollo (APO)-Athene (ATH) Merger to Create $29 Billion Firm - Yahoo Finance Apollo accused of 'looting' affiliate insurer Athene The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. We cant find the page you're looking for. Apollo alleges. 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. Caldera has said he denied possessing confidential Apollo materials. To learn more, please visit www.apollo.com. Apollo merges with Athene in a $29bn deal - Substack We use Mar 8, 2021, 1:57 PM PST. Download the Yahoo Finance app for Apple or Android. As the Federal Reserve's May meeting approaches, Apollo Global Management (APO) co-founder and CEO Marc Rowan isn't worried if the tight liquidity environment sticks around. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . Apollo believes these factors include but are not limited to those described under the section entitled Risk Factors in the joint proxy statement/prospectus filed by Apollo Global Management, Inc. (formerly known as Tango Holdings, Inc.) with the Securities and Exchange Commission (the SEC) on November 5, 2021, Apollo Asset Management Inc.s (AAM, formerly known as Apollo Global Management, Inc.) Annual Report on Form 10-K filed with the SEC on February 19, 2021 and Quarterly Report on Form 10-Q filed with the SEC on May 10, 2021, and Athenes Annual Report on Form 10-K filed with the SEC on February 19, 2021, its amendment to its annual report on Form 10-K/A filed with the SEC on April 20, 2021 and Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021, as such factors may be updated from time to time in Apollos, AAMs or Athenes periodic filings with the SEC, which are accessible on the SECs website at http://www.sec.gov. The company does business in private equity and private credit. The emails are stark and blatant examples of Siddiquis betrayal of Apollo and Athene when he was still a highly paid Apollo partner and should have been loyal, the filing said. If you typed the URL into your browser, check that you entered it correctly. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. , Co-Presidents of Apollo Asset Management. The full list of representatives can be found in the governance section of https://ir.apollo.com/. Under the terms of the deal, each outstanding class A common share of Athene will be exchanged for 1.149 shares of Apollo common stock, representing a premium of about 16.5% to Athene's closing share price on Friday. 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 . and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Our Standards: The Thomson Reuters Trust Principles. Marc Rowan, Apollo co-founder. You can still enjoy your subscription until the end of your current billing period. Apollos Board of Directors is led by non-executive Chair 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). Five Major US Law Firms Take Roles on $11 Billion Apollo Acquisition The news and analysis powering European private equity. Photographer: Anthony Kwan/Bloomberg. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. Apollo Completes Merger with Athene and Finalizes Key offers FT membership to read for free. For Investors: APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange 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. Apollo-Athene: the new Berkshire Hathaway? | Financial Times ", "Private equity was not immune to that," he added. journalists in 50+ countries covering politics, business, innovation, trends and more. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. 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, Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co. , an annuities specialist that put itself up for sale in May, the Financial Times has reported. Eventually, the litigation was brought to a halt by a Bermuda court ordering that any lawsuit should have been filed in the island territory where the . Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . offers FT membership to read for free. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. No. 107: Aviva, Athene, and Apollo Are Defendants in a RICO Lawsuit trending 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. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. Compare Standard and Premium Digital here. Global Head of Investor Relations, Apollo Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The Apollo entity said it will . I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Apollo Completes Merger with Athene and Finalizes Key Governance 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. 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 Global, Athene Get Temporary Halt to Shareholder Lawsuit - Wink Jim Belardi For cost savings, you can change your plan at any time online in the Settings & Account section. However, it hasn't been immune to concerns in the broader economy. Over the last few years, the firm has . Apollo's Athene Quietly Settled Harassment Case Against Its CEO Global Head of Corporate Communications, Apollo. Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. Jim Zelter 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. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. (212) 822-0491 Together, we will continue to serve the investment return and retirement savings needs of all our clients. Leon Black is proving once again he's not someone to cross. Gain a global perspective on the US and go beyond with curated news and analysis from 600 analyse how our Sites are used. Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. IR@apollo.com. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. Amanda Carstens Steward. 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. * 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. Reuters. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. The firm has also been building up its presence in Europe. 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. In a filing with a New York state court in Manhattan, Apollo and Black said emails uncovered from early 2017 show that Siddiqui was surreptitiously working with a more junior Apollo colleague and two former Athene executives, and using confidential information to form a competing company. or Get this delivered to your inbox, and more info about our products and services. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. , while Athene will continue to be led by its CEO For Media: Joanna Rose. The order purports to bar a US-based Athene shareholder, Central Laborers' Pension Fund, from pursuing a lawsuit that accuses Apollo of "looting" the insurance company by charging. The reference to emails in 2017 smacks of desperation.. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. The latest suit, filed Friday, is against Stephen Cernich and Huan Tseng, formerly of Athene AI-powered legal analytics, workflow tools and premium legal & business news. Apollo Law We are excited to continue executing on this plan together, said Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Scott Kleinman Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. cookies journalists in 50+ countries covering politics, business, innovation, trends and more. He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. 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 organisation According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. 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. 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. Caldera has said he denied possessing confidential Apollo materials. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Questions linger as Apollo plans an IPO - The Salt Lake Tribune . Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC Lehman and Hill City Capital. Got a confidential news tip? As a combined public company, we have created a superior model to deliver highly stable and diversified earnings, to accelerate our growth, and to originate the highest quality assets for our clients. personalising content and ads, providing social media features and to Bermuda court issues temporary injunction to block Apollo, Athene lawsuit university Apollo sues two more executives in dispute over insurance rival This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Log in to keep reading or access research tools. . Black, 67, is worth $6.2 billion, according to Forbes magazine. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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.
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