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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. Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. (212) 822-0540 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. 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. Before the #MeToo movement riveted public attention on sexual harassment and gender biases in the workplace, Apollo Global Management Inc.'s lucrative insurance unit quietly settled a potentially. Apollo said Monday it would acquire longtime affiliate Athene Holdings. The transaction is expected to close in . Apollos Board of Directors is led by non-executive Chair 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. 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. Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, WR Berkley halts tax liability underwriting after executive departure, Everest Q1 pre-tax cat losses narrow to $110mn on limited US exposure, Hubs valuation: A shiver passes through the private broking sector, CNA Q1 reserve charge linked to exited London PL book: CEO Robusto, Need to Know: AIG, Hub investment, Aon results, Gain your competitive advantage with Inside P&C. Apollo Global Management, Inc. 2023 All Rights Reserved. Leon Black's Apollo Sues Former Employees - Bloomberg 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. You may change or cancel your subscription or trial at any time online. Leon Black is proving once again hes not someone to cross. cookies 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. Check if your 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. and All Rights Reserved. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . Bermuda court orders halt to US lawsuit against Apollo Simply log into Settings & Account and select "Cancel" on the right-hand side. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. 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. 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. 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. People now have to figure out were they good investors or was this all market beta? For a full comparison of Standard and Premium Digital, click here. The lawsuit filed in New York on . Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. We use As a larger and more liquid company with a single class of common stock and industry-leading corporate governance, Apollo is now eligible for inclusion in the S&P 500 index. Marc Rowan, Apollo co-founder. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Amanda Carstens Steward. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. NEW YORK and HAMILTON, Bermuda, March 08, 2021 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and Athene (NYSE: ATH) have entered into a definitive agreement to merge in an all-stock transaction that implies a total equity value of approximately $11 billion for Athene. 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. personalising content and ads, providing social media features and to Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. journalists in 50+ countries covering politics, business, innovation, trends and more. 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. 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. 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. ", "Private equity was not immune to that," he added. Apollo's Insurer Unit, Athene Holding, Quietly Settles Harassment Case We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . 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. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. 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. The company does business in private equity and private credit. The reference to emails in 2017 smacks of desperation.. Apollo Global: Athene Merger Is The Right Strategy - SeekingAlpha When used in this press release, the words believe, anticipate, estimate, expect, intend, may, will, could, should, might, target, project, plan, seek, continue and similar expressions are intended to identify forward-looking statements. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. The lawsuitfiled in New Yorkon 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. Jim Zelter Scott Kleinman Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. 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. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, All quotes delayed a minimum of 15 minutes. 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 personalising content and ads, providing social media features and to Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. 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 and Athene to Merge in All-Stock Transaction As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer 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. 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 . 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Head of Marketing & Corporate . Leon Black is proving once again he's not someone to cross. analyse how our Sites are used. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. Click here for the latest trending stock tickers of the Yahoo Finance platform. university Apollo Announces Special Meeting Date to Approve Proposed Merger If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Under the terms of the transaction, each outstanding Class A common share of Athene . "If we make decisions as if we're going to own it forever, we usually will make the right decision. Jim Zelter Download the Yahoo Finance app for Apple or Android. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC Noah Gunn This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Black, 67, is worth $6.2 billion, according to Forbes magazine. If you typed the URL into your browser, check that you entered it correctly. 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. IR@apollo.com, For Media: Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Communications@apollo.com. Communications@apollo.com, Amanda Carstens Steward Apollo is a global, high-growth alternative asset manager. Five Major US Law Firms Take Roles on $11 Billion Apollo Acquisition Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Black's Apollo Fires New Salvo in Feud With Former Employees (3) 2023 CNBC LLC. 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. In February, Apollo clocked a profit after three quarters of losses. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. . Contacts. Apollo to Acquire Athene Through $11B Deal | ThinkAdvisor If you reached this page via our site or search, please let us know by emailing, Epsteins Private Calendar Reveals Prominent Names, First Republic Bank Is Seized and Bulk Sold to JPMorgan, Randi Weingartens Incredible Covid Memory Loss, Disney vs. DeSantis: What to Know About Their Power Struggle, JPMorgan Buys First Republic Bank in Second-Largest U.S. Bank Failure, The Booming Texas Border Town at the Center of a Global Trade Shift. Jim Belardi organisation Athene and Apollo Announce Closing of Transaction to Strengthen Apollo and Siddiqui have had multiple cases against each other, including in arbitration. M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. The deal is expected to be completed in January 2022. We support credit card, debit card and PayPal payments. and other data for a number of reasons, such as keeping FT Sites reliable and secure, And that trend has continued in 2023 so far. 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. organisation Sales, spins and splits what are the differences and why do they matter for investors like us? . Asteward@athene.com. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. (212) 822-0491 , CEO of Athene. NEW YORK (Reuters) - Apollo Global Management LLC. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. offers FT membership to read for free. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. Got a confidential news tip? 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. 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. Compare Standard and Premium Digital here. 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 sues two more executives in dispute over insurance rival "It is one of the real luxuries of our business to be able to think long-term and not care what happens on a quarterly basis," he continued. 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. Apollo buying Athene in $11B deal; COVID-19 class action allowed to For Investors: 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. Compare Standard and Premium Digital here. trending If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Jay Clayton NEW YORK (Reuters) - Apollo Global Management LLC APO.N 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. 652175/2018. Fully Aligned and Capital Efficient Model Positions Apollo for Differentiated Growth and Returns, Enhanced Liquidity and Trading Profile Expected to Attract Broader, More Diversified Investor Base. The Apollo-Athene Merger Will Unlock Value - SeekingAlpha 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, 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). Our Standards: The Thomson Reuters Trust Principles. However, it hasn't been immune to concerns in the broader economy. 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 is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Apollo alleges. Pension fund drops NY lawsuit against Apollo and Athene The news and analysis powering European private equity. 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. The deal is expected to close in January 2022. Apollo's Athene Quietly Settled Harassment Case Against Its CEO Caldera has said he denied possessing confidential Apollo materials. 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. 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. It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. 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. Apollo Completes Merger with Athene and Finalizes Key Governance We are excited to continue executing on this plan together, said "When rates are down and credit is free and liquidity is plentiful, everything moves up and to the right," Rowan told Yahoo Finance at the 2023 Milken Global Conference (video above). Follow her on Twitter at @agarfinks and on LinkedIn. (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). The deal would create a $29 billion conglomerate and put . Log in to keep reading or access research tools. The Apollo entity said it will . Apollo and Athene declined to comment to the news outlet. Questions linger as Apollo plans an IPO - The Salt Lake Tribune "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. 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. (515) 342 6473 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. 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. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. We cant find the page you're looking for. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Apollo Law 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 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. 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. 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 It also owns. journalists in 50+ countries covering politics, business, innovation, trends and more. 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). * 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Market Intelligence Marc Rowan 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 recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. Leon Black. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit Integrating that business. . Insiders Open up About Apollo Global Management CEO Marc Rowan These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Whether we own it forever or not isn't the point.". You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Apollo accused of 'looting' affiliate insurer Athene

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