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 Asset Management will continue to be led day-to-day by its Co-Presidents You can still enjoy your subscription until the end of your current billing period. . The deal is expected to be completed in January 2022. 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. NEW YORK (Reuters) - Apollo Global Management LLC. Caldera has said he denied possessing confidential Apollo materials. Pension fund drops NY lawsuit against Apollo and Athene "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. Apollo Law Jay Clayton 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. For cost savings, you can change your plan at any time online in the Settings & Account section. To learn more, please visit www.apollo.com. 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. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. 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. Together, we will continue to serve the investment return and retirement savings needs of all our clients. 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 explosive complaint that a female employee filed against the chief executive of the insurer, Athene Holding Ltd. Apollo Global: Athene Merger Is The Right Strategy - SeekingAlpha esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Apollo merges with Athene in a $29bn deal - Substack 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 relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. Leon Black's Apollo Sues Former Employees - Bloomberg The deal is expected to close in January 2022. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The company does business in private equity and private credit. 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. We support credit card, debit card and PayPal payments. People now have to figure out were they good investors or was this all market beta? Apollo, Leon Black say ex-partner's theft shows 'betrayal' Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. Apollo alleges. 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 A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. Motion to Compel Arbitration in Apollo Asset Management, Inc. (f/k/a And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . . We use Noah Gunn If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. 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. , Co-Presidents of Apollo Asset Management. organisation . 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. 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. 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 . 2023 CNBC LLC. We are excited to continue executing on this plan together, said Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. IR@apollo.com. "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. organisation Our Standards: The Thomson Reuters Trust Principles. A Division of NBCUniversal. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. Jim Belardi Bermuda court issues temporary injunction to block Apollo, Athene lawsuit Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Over the last few years, the firm has . and offers FT membership to read for free. The firm has also been building up its presence in Europe. Asteward@athene.com. Apollo Global Management, Inc. 2023 All Rights Reserved. /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 Apollo and Athene to Merge in All-Stock Transaction Lehman and Hill City Capital. You may change or cancel your subscription or trial at any time online. Marc Rowan It also owns. The Central Laborers' Pension Fund agreed to discontinue its suit, filed in Manhattan state court, against both Athene and Apollo after a Bermuda judge issued a temporary . Global Head of Corporate Communications, Apollo. No. 107: Aviva, Athene, and Apollo Are Defendants in a RICO Lawsuit 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 to Acquire Athene Through $11B Deal | ThinkAdvisor "We buy something; we operate the business as if we're going to own it forever," Rowan said. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. Black, 67, is worth $6.2 billion, according to Forbes magazine. Download the Yahoo Finance app for Apple or Android. Gain a global perspective on the US and go beyond with curated news and analysis from 600 The full list of representatives can be found in the governance section of https://ir.apollo.com/. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. Apollo Proposes Merger With Insurance Firm Athene - Business Insider Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Apollo said Monday it would acquire longtime affiliate Athene Holdings. The lawsuit filed in New York on . Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. 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. Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. 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." 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. The deal would create a $29 billion conglomerate and put . APOLLO GLOBAL MANAGEMENT, INC. : Persberichten | APO1 * | US03769M1062 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. 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. 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 addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. Global Head of Corporate Communications, Apollo The transaction is expected to close in . Pension fund drops NY lawsuit against Apollo and Athene - Insurance Insider We want to hear from you. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit - Wink Apollo and Siddiqui have had multiple cases against each other, including in arbitration. 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 lawsuit is ongoing. Get this delivered to your inbox, and more info about our products and services. The news and analysis powering European private equity. The Apollo entity said it will . About Athene. Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. 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 (APO)-Athene (ATH) Merger to Create $29 Billion Firm - Yahoo Finance It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. For a full comparison of Standard and Premium Digital, click here. For cost savings, you can change your plan at any time online in the Settings & Account section. Scott Kleinman . Apollo Completes Merger with Athene and Finalizes Key Questions linger as Apollo plans an IPO - The Salt Lake Tribune Marc Rowan, Apollo co-founder. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. university Under the terms of the transaction, each outstanding Class A common share of Athene . Apollo Announces Special Meeting Date to Approve Proposed Merger 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. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. (212) 822-0491 content (212) 822-0491. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC 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. 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. The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. 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. Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. Caldera has said he denied possessing confidential Apollo materials. 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 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 had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Data is a real-time snapshot *Data is delayed at least 15 minutes. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Premium access for businesses and educational institutions. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer 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 Joanna Rose Standard Digital includes access to a wealth of global news, analysis and expert opinion. Mar 8, 2021, 1:57 PM PST. Sign up for free newsletters and get more CNBC delivered to your inbox. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. or Amanda Carstens Steward. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. Athene and Apollo Announce Closing of Transaction to Strengthen All Rights Reserved. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Jim Zelter 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. Communications@apollo.com. 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APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange 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.