Follow her on Twitter at @agarfinks and on LinkedIn. 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. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. For Investors: If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Premium access for businesses and educational institutions. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. 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. Gain a global perspective on the US and go beyond with curated news and analysis from 600 The firm has also been building up its presence in Europe. or 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. 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. Marc Rowan 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. The deal is expected to be completed in January 2022. 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. 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. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. , while Athene will continue to be led by its CEO You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Communications@apollo.com, Amanda Carstens Steward Global Head of Corporate Communications, Apollo. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents To learn more, please visit www.apollo.com. 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 Zelter 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. Gain a global perspective on the US and go beyond with curated news and analysis from 600 and Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. For a full comparison of Standard and Premium Digital, click here. All quotes delayed a minimum of 15 minutes. A Division of NBCUniversal. 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. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. IR@apollo.com, For Media: The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. "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). Apollo and Athene declined to comment to the news outlet. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. analyse how our Sites are used. (212) 822-0491. You may change or cancel your subscription or trial at any time online. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. . Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. Lehman and Hill City Capital. The transaction is expected to close in . Got a confidential news tip? IR@apollo.com. 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. Jay Clayton 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. 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Whether we own it forever or not isn't the point.". 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Read the latest financial and business news from Yahoo Finance. We want to hear from you. 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. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. 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. 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). Head of Marketing & Corporate Communications, Athene Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Caldera has said he denied possessing confidential Apollo materials. Mar 8, 2021, 1:57 PM PST. Apollo alleges. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. However, it hasn't been immune to concerns in the broader economy. To learn more, please visit www.apollo.com. Leon Black is proving once again he's not someone to cross. 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. Integrating that business. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, The Big Dig: Germany reopens its mines in quest for mineral self-sufficiency, US says more than 20,000 Russian forces killed in Ukraine since December, Chinas local governments stuck with bill for neighbourhood surveillance, Italy unveils measures to boost flexibility in labour market, Iran keeps inflation data under wraps as economic crisis deepens, JPMorgan to acquire First Republics deposits as US regulators step in, Charlie Munger: US banks are full of bad commercial property loans, Disney uses Ron DeSantiss own words against him in free speech lawsuit, Deutsche Bank plans to beef up investment bank advisory team, How Jamie Dimon swooped on the remains of First Republic, Totals chief tells investors European listing to blame for oil groups trading discount, US live news updates from May 1: JPMorgan to acquire First Republics deposits, Morgan Stanley to cut 3,000 jobs, The difference between First Republic and other recent bank failures, S&P criticised by pension funds over dual-class shares decision, China, America and why not all growth is equal, China could play a crucial role in ending the war in Ukraine, Labour has leverage to carry out private equity tax reform, Why Arsenals struggles show you shouldnt count out Donald Trump, The costs of entrenched high inflation cannot be ignored, Twill of the people: the workwear staple that never gets old, The best new sci-fi: action-packed plots and pure nerdstalgia. 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. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. 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 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 said Monday it would acquire longtime affiliate Athene Holdings. 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. Asteward@athene.com. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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 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. Download the Yahoo Finance app for Apple or Android. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . Under the terms of the transaction, each outstanding Class A common share of Athene . As of September 30, 2021, Apollo had approximately $481 billion of assets under management. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. 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). "We buy something; we operate the business as if we're going to own it forever," Rowan said. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . 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. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Global Head of Investor Relations, Apollo Standard Digital includes access to a wealth of global news, analysis and expert opinion. Compare Standard and Premium Digital here. and We support credit card, debit card and PayPal payments. All Rights Reserved. Simply log into Settings & Account and select "Cancel" on the right-hand side. About Athene. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. or Head of Marketing & Corporate . ", "Private equity was not immune to that," he added. offers FT membership to read for free. Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview.
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