journalists in 50+ countries covering politics, business, innovation, trends and more. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. 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. organisation Questions linger as Apollo plans an IPO - The Salt Lake Tribune offers FT membership to read for free. Apollo Proposes Merger With Insurance Firm Athene - Business Insider 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. 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. 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 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. * 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. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. 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. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. Global Head of Corporate Communications, Apollo. "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). The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. Get this delivered to your inbox, and more info about our products and services. 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. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Head of Marketing & Corporate . NEW YORK (Reuters) - Apollo Global Management LLC. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. 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. Apollos Board of Directors is led by non-executive Chair analyse how our Sites are used. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. 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. 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 said Monday it would acquire longtime affiliate Athene Holdings. Head of Marketing & Corporate Communications, Athene Read the latest financial and business news from Yahoo Finance. 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. A Division of NBCUniversal. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. Jim Zelter 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. Check if your content Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit - Wink IR@apollo.com. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. 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. Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. Simply log into Settings & Account and select "Cancel" on the right-hand side. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. We support credit card, debit card and PayPal payments. Amanda Carstens Steward. trending 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. Whether we own it forever or not isn't the point.". . 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. Mar 8, 2021, 1:57 PM PST. Private equity was not immune to 'the siren song of liquidity,' Apollo 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. Apollo sues two more executives in dispute over insurance rival Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. 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 Announces Special Meeting Date to Approve Proposed Merger We want to hear from you. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. You can still enjoy your subscription until the end of your current billing period. Apollo, Leon Black say ex-partner's theft shows 'betrayal' APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange 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. Global Head of Corporate Communications, Apollo The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. 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 use However, it hasn't been immune to concerns in the broader economy. 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. , while Athene will continue to be led by its CEO 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 we make decisions as if we're going to own it forever, we usually will make the right decision. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. You may change or cancel your subscription or trial at any time online. 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. Communications@apollo.com, Amanda Carstens Steward 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. We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. Pension fund drops NY lawsuit against Apollo and Athene - Insurance Insider 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). 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. 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. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. For Media: Joanna Rose. and 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. /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. Noah Gunn You may change or cancel your subscription or trial at any time online. Apollo Completes Merger with Athene and Finalizes Key The firm has also been building up its presence in Europe. personalising content and ads, providing social media features and to 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. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Apollo merges with Athene in a $29bn deal - Substack All Rights Reserved. For a full comparison of Standard and Premium Digital, click here. Athene and Apollo Announce Closing of Transaction to Strengthen He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. , Co-Presidents of Apollo Asset Management. People now have to figure out were they good investors or was this all market beta? 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 terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . Together, we will continue to serve the investment return and retirement savings needs of all our clients. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. 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. personalising content and ads, providing social media features and to M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. The lawsuit filed in New York on . The company does business in private equity and private credit.
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