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. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer , CEO of Athene. 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. Compare Standard and Premium Digital here. university Mar 8, 2021, 1:57 PM PST. See here for a complete list of exchanges and delays. 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. 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. 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. 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. 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. organisation Black, 67, is worth $6.2 billion, according to Forbes magazine. 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. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. . To learn more, please visit www.apollo.com. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Marc Rowan, Apollo co-founder. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. We cant find the page you're looking for. 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. 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. Apollo Global Management has been accused of "looting" its affiliated life insurance company, Athene Holding, in an investor lawsuit targeting "exorbitant" payments that account for one-third. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Photographer: Anthony Kwan/Bloomberg. Apollos Board of Directors is led by non-executive Chair Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. 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. Follow her on Twitter at @agarfinks and on LinkedIn. 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. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. Apollo alleges. Gain a global perspective on the US and go beyond with curated news and analysis from 600 The deal would create a $29 billion conglomerate and put . [email protected]. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . 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. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. The transaction is expected to close in . In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. 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. (212) 822-0540 We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. Premium access for businesses and educational institutions. Our Standards: The Thomson Reuters Trust Principles. 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. Marc Rowan These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. We use 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. . Leon Black. Global Head of Corporate Communications, Apollo. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . journalists in 50+ countries covering politics, business, innovation, trends and more. 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. Sales, spins and splits what are the differences and why do they matter for investors like us? Global Head of Corporate Communications, Apollo 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. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. You can still enjoy your subscription until the end of your current billing period. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. 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. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. The company does business in private equity and private credit. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. The firm has also been building up its presence in Europe. Lehman and Hill City Capital. Check if your We are excited to continue executing on this plan together, said "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. All quotes delayed a minimum of 15 minutes. "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). During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. In March, Rowan reassured investors that Athene wasn't at risk of a run similar to those seen at regional banks in the aftermath of Silicon Valley Bank's collapse. Caldera has said he denied possessing confidential Apollo materials. * 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. 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 , Co-Presidents of Apollo Asset Management. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. Compare Standard and Premium Digital here. Contacts. For Media: Joanna Rose. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. Scott Kleinman 2023 CNBC LLC. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. Head of Marketing & Corporate Communications, Athene 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 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. We want to hear from you. offers FT membership to read for free. "We buy something; we operate the business as if we're going to own it forever," Rowan said. It also owns. 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 This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. (515) 342 6473 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. 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. The lawsuit filed in New York on . You may change or cancel your subscription or trial at any time online. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. Noah Gunn 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. (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. 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.
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