The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer , Co-Presidents of Apollo Asset Management. personalising content and ads, providing social media features and to For a full comparison of Standard and Premium Digital, click here. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. 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. This press release does not constitute an offer of any Apollo fund. Data is a real-time snapshot *Data is delayed at least 15 minutes. Marc Rowan Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. A Division of NBCUniversal. Download the Yahoo Finance app for Apple or Android. Follow her on Twitter at @agarfinks and on LinkedIn. 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 is a global, high-growth alternative asset manager. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Head of Marketing & Corporate Communications, Athene , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. 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 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. 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. 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. 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. Jim Zelter 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. 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 . Jim Zelter Scott Kleinman . 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. 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. 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 is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. Under the terms of the transaction, each outstanding Class A common share of Athene . Marc Rowan, Apollo co-founder. 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. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. "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. 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 company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. Jay Clayton . And that trend has continued in 2023 so far. The transaction is expected to close in . "If we make decisions as if we're going to own it forever, we usually will make the right decision. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 3 min read. Noah Gunn 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. Reuters. (212) 822-0491. 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. 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. Gain a global perspective on the US and go beyond with curated news and analysis from 600 "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). personalising content and ads, providing social media features and to 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. 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. 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. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. You may change or cancel your subscription or trial at any time online. 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 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. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. All Rights Reserved. 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. . 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. M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. 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. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. Leon Black is proving once again hes not someone to cross. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. 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. 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. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Black, 67, is worth $6.2 billion, according to Forbes magazine. To learn more, please visit www.apollo.com. Get this delivered to your inbox, and more info about our products and services. Apollo said Monday it would acquire longtime affiliate Athene Holdings. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. 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 . It opened a new office in London in April and invested 1 billion euros about $1.1 billion in real estate assets managed by Germany-based Vonovia. . Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. 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. 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. Communications@apollo.com. About Athene. Apollo Global Management, Inc. 2023 All Rights Reserved. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . The lawsuit is ongoing. The deal is expected to be completed in January 2022. 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. 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. , CEO of Athene. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. We use Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Head of Marketing & Corporate . university Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. It also owns. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. Jim Belardi For cost savings, you can change your plan at any time online in the Settings & Account section. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. 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). 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. "We buy something; we operate the business as if we're going to own it forever," Rowan said. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. (212) 822-0540 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. 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. 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. 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. The Apollo entity said it will . 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. Read the latest financial and business news from Yahoo Finance. Global Head of Corporate Communications, Apollo Communications@apollo.com, Amanda Carstens Steward APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. Compare Standard and Premium Digital here. Apollos Board of Directors is led by non-executive Chair /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 Log in to keep reading or access research tools. 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. 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Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. Sales, spins and splits what are the differences and why do they matter for investors like us? analyse how our Sites are used. 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. Leon Black. NEW YORK (Reuters) - Apollo Global Management LLC. Caldera has said he denied possessing confidential Apollo materials. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. We want to hear from you. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). Click here for the latest trending stock tickers of the Yahoo Finance platform. university Apollo alleges. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Together, we will continue to serve the investment return and retirement savings needs of all our clients. The company does business in private equity and private credit. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). 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. 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. Though 2023 won't be a year defined by "new toys," as Rowan said previously, Apollo has done a handful of big deals while moving others over the finish line.
