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. 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). Apollo Completes Merger with Athene and Finalizes Key Apollo Sues Two More Executives in Dispute Over Insurance Rival - WSJ NEW YORK (Reuters) - Apollo Global Management LLC. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. The firm has also been building up its presence in Europe. Apollo, Leon Black say ex-partner's theft shows 'betrayal' And that trend has continued in 2023 so far. 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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Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Check if your Gain a global perspective on the US and go beyond with curated news and analysis from 600 Apollo sues two more executives in dispute over insurance rival For a full comparison of Standard and Premium Digital, click here. Apollo said Monday it would acquire longtime affiliate Athene Holdings. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. People now have to figure out were they good investors or was this all market beta? Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Apollo merges with Athene in a $29bn deal - Substack 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. Apollo's Insurer Unit, Athene Holding, Quietly Settles Harassment Case Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . Asteward@athene.com. or The deal would create a $29 billion conglomerate and put . 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. 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. 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. Global Head of Corporate Communications, Apollo. . Sign up for free newsletters and get more CNBC delivered to your inbox. , CEO of Athene. Marc Rowan (212) 822-0540 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. 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. Jim Belardi and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. Communications@apollo.com, Amanda Carstens Steward 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). "If we make decisions as if we're going to own it forever, we usually will make the right decision. 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. journalists in 50+ countries covering politics, business, innovation, trends and more. We support credit card, debit card and PayPal payments. * 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. analyse how our Sites are used. The full list of representatives can be found in the governance section of https://ir.apollo.com/. Get this delivered to your inbox, and more info about our products and services. trending 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. . Apollo alleges. 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. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . "While it was happening, it felt really good, and now that its not happening anymore, it doesnt feel so goodWe did just fine over 10 years, but this is the period of time when liquidity has been withdrawn, when were playing offense and lots are playing defense." As of September 30, 2021, Apollo had approximately $481 billion of assets under management. You may change or cancel your subscription or trial at any time online. Our Standards: The Thomson Reuters Trust Principles. 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. For Investors: and 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 . Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. The deal is expected to be completed in January 2022. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Joanna Rose Experts Say Apollo's Athene Acquisition Will Position - PLANSPONSOR Jim Zelter Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of 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. 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. Questions linger as Apollo plans an IPO - The Salt Lake Tribune , while Athene will continue to be led by its CEO Bermuda court orders halt to US lawsuit against Apollo Caldera has said he denied possessing confidential Apollo materials. 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. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. 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. Apollos Board of Directors is led by non-executive Chair 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. (212) 822-0491. 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. university Together, we will continue to serve the investment return and retirement savings needs of all our clients. Got a confidential news tip? The lawsuit is ongoing. Apollo's Athene Quietly Settled Harassment Case Against Its CEO 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. In February, Apollo clocked a profit after three quarters of losses. APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange We cant find the page you're looking for. Apollo (APO)-Athene (ATH) Merger to Create $29 Billion Firm - 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. Insiders Open up About Apollo Global Management CEO Marc Rowan and We represent employees and consumers in the United States Courts of Appeals and Supreme Court. 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. Head of Marketing & Corporate Communications, Athene /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. 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. 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. 3 min read. Apollo accused of 'looting' affiliate insurer Athene Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. "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. Jim Belardi For a full comparison of Standard and Premium Digital, click here. 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. Noah Gunn 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 The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. Black's Apollo Fires New Salvo in Feud With Former Employees (3) Apollo to Acquire Athene Through $11B Deal | ThinkAdvisor (515) 342 6473 Standard Digital includes access to a wealth of global news, analysis and expert opinion. Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. You may change or cancel your subscription or trial at any time online. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. The lawsuit filed in New York on . 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. offers FT membership to read for free. 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 last trading day closing prices of Apollo and Athene common stock imply that the combined Apollo opens with a market capitalization of $43 billion. 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. Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. However, it hasn't been immune to concerns in the broader economy. 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. To learn more, please visit www.apollo.com. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. IR@apollo.com, For Media: esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Apollo Law Apollo Proposes Merger With Insurance Firm Athene - Business Insider Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. 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. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. We use The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). 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. Log in to keep reading or access research tools. Over the last few years, the firm has . You can still enjoy your subscription until the end of your current billing period. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. 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 Global Head of Investor Relations, Apollo The company does business in private equity and private credit. Motion to Compel Arbitration in Apollo Asset Management, Inc. (f/k/a 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. Pension fund drops NY lawsuit against Apollo and Athene For cost savings, you can change your plan at any time online in the Settings & Account section. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Read the latest financial and business news from Yahoo Finance. 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. Jay Clayton 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. You can still enjoy your subscription until the end of your current billing period. 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. Mar 8, 2021, 1:57 PM PST. , Co-Presidents of Apollo Asset Management. Leon Black is proving once again hes not someone to cross. Adviser to Carlyle co-founder David Rubensteins family office registers with the SEC, Glennmont Partners sells Portuguese solar portfolio, Oaktree raises 1.2bn for private debt fund, Game on: Meet the PE firms building sports empires, TPGs Rise Fund II moves closer to target amid rise of impact investing. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. Click here for the latest trending stock tickers of the Yahoo Finance platform. cookies 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 . 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. Scott Kleinman The Apollo entity said it will . analyse how our Sites are used. The reference to emails in 2017 smacks of desperation.. 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. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. Compare Standard and Premium Digital here. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . Photographer: Anthony Kwan/Bloomberg. Athene and Apollo Announce Closing of Transaction to Strengthen Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. 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.
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