This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. 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. 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. 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. 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. This press release does not constitute an offer of any Apollo fund. Log in to keep reading or access research tools. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. Global Head of Corporate Communications, Apollo Caldera has said he denied possessing confidential Apollo materials. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. Standard Digital includes access to a wealth of global news, analysis and expert opinion. , while Athene will continue to be led by its CEO 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 cost savings, you can change your plan at any time online in the Settings & Account section. Black's Apollo Fires New Salvo in Feud With Former Employees (3) For cost savings, you can change your plan at any time online in the Settings & Account section. We support credit card, debit card and PayPal payments. 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. 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 . Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. Apollo to Acquire Athene Through $11B Deal | ThinkAdvisor 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. Together, we will continue to serve the investment return and retirement savings needs of all our clients. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . Gain a global perspective on the US and go beyond with curated news and analysis from 600 or 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. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. 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. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Check if your Insiders Open up About Apollo Global Management CEO Marc Rowan Amanda Carstens Steward. 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 . 3 min read. Experts Say Apollo's Athene Acquisition Will Position - PLANSPONSOR No. 107: Aviva, Athene, and Apollo Are Defendants in a RICO Lawsuit Simply log into Settings & Account and select "Cancel" on the right-hand side. This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. 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. Click here for the latest trending stock tickers of the Yahoo Finance platform. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. "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). We want to hear from you. analyse how our Sites are used. Apollo alleges. For a full comparison of Standard and Premium Digital, click here. "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. Apollo Sues Two More Executives in Dispute Over Insurance Rival - WSJ Global Head of Investor Relations, Apollo Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Apollo Global Management, Inc. 2023 All Rights Reserved. Apollo-Athene: the new Berkshire Hathaway? | Financial Times Marc Rowan, Apollo co-founder. university and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. The deal is expected to be completed in January 2022. For Investors: Simply log into Settings & Account and select "Cancel" on the right-hand side. Sales, spins and splits what are the differences and why do they matter for investors like us? 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 and Athene to Merge in All-Stock Transaction Apollos Board of Directors is led by non-executive Chair "If we make decisions as if we're going to own it forever, we usually will make the right decision. Communications@apollo.com. Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. A Division of NBCUniversal. Bermuda court orders halt to US lawsuit against Apollo Communications@apollo.com, Amanda Carstens Steward Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. Follow her on Twitter at @agarfinks and on LinkedIn. Marc Rowan Apollo merges with Athene in a $29bn deal - Substack Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. Apollo (APO)-Athene (ATH) Merger to Create $29 Billion Firm - Yahoo Finance (212) 822-0491 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 relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. , Co-Presidents of Apollo Asset Management. Apollo Completes Merger with Athene and Finalizes Key Governance These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. NEW YORK (Reuters) - Apollo Global Management LLC. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. 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. Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . 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 . Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . Athene and Apollo Announce Closing of Transaction to Strengthen Marc Rowan (515) 342 6473 Scott Kleinman Apollo, Leon Black say ex-partner's theft shows 'betrayal' Global Head of Corporate Communications, Apollo. 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. 652175/2018. * 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. 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.
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