Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. This press release does not constitute an offer of any Apollo fund. Under the terms of the transaction, each outstanding Class A common share of Athene . Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. (515) 342 6473 Global Head of Corporate Communications, Apollo. 2023 CNBC LLC. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. , CEO of Athene. 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. "We will have total alignment to optimize our strategy and allocate capital efficiently," said Marc Rowan, Apollo's incoming chief executive, who helped set up Athene in 2009. According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. 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. We support credit card, debit card and PayPal payments. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. "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). 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. The lawsuit is ongoing. 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. Mar 8, 2021, 1:57 PM PST. 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. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. 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. The transaction is expected to close in . organisation If you typed the URL into your browser, check that you entered it correctly. Jim Zelter IR@apollo.com, For Media: Apollo alleges. . Jim Belardi 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. cookies Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Get this delivered to your inbox, and more info about our products and services. 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. 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 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. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Marc Rowan The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. 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. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer The news and analysis powering European private equity. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. We are excited to continue executing on this plan together, 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. 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. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . IR@apollo.com. Marc Rowan, Apollo co-founder. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. As the Federal Reserve's May meeting approaches, Apollo Global Management (APO) co-founder and CEO Marc Rowan isn't worried if the tight liquidity environment sticks around. He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. 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. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. (212) 822-0540 652175/2018. 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. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. offers FT membership to read for free. Black, 67, is worth $6.2 billion, according to Forbes magazine. 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. 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. You can still enjoy your subscription until the end of your current billing period. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . Our Standards: The Thomson Reuters Trust Principles. To learn more, please visit www.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. 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. Premium access for businesses and educational institutions. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. All quotes delayed a minimum of 15 minutes. 3 min read. 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. Download the Yahoo Finance app for Apple or Android. Apollo and Athene declined to comment to the news outlet. organisation 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. 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. Communications@apollo.com, Amanda Carstens Steward 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. content The lawsuit filed in New York on . 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. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. However, it hasn't been immune to concerns in the broader economy. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. journalists in 50+ countries covering politics, business, innovation, trends and more. 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. 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. Jim Belardi Got a confidential news tip? It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. (212) 822-0491 Contacts. Apollo Global Management has been accused of "looting" its affiliated life insurance company, Athene Holding, in an investor lawsuit targeting "exorbitant" payments that account for one-third. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . For a full comparison of Standard and Premium Digital, click here. The deal would create a $29 billion conglomerate and put . Head of Marketing & Corporate Communications, Athene personalising content and ads, providing social media features and to 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. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. Asteward@athene.com. The full list of representatives can be found in the governance section of https://ir.apollo.com/. For cost savings, you can change your plan at any time online in the Settings & Account section. Jay Clayton 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. 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. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Check if your university , while Athene will continue to be led by its CEO 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. 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. Gain a global perspective on the US and go beyond with curated news and analysis from 600 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. 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 Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. 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. 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. (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 Together, we will continue to serve the investment return and retirement savings needs of all our clients. Simply log into Settings & Account and select "Cancel" on the right-hand side. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Jim Zelter Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. 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. Apollo Global Management, Inc. 2023 All Rights Reserved. About Athene. 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. To learn more, please visit www.apollo.com. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. Communications@apollo.com. 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. Read the latest financial and business news from Yahoo Finance. We support credit card, debit card and PayPal payments. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. 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 . 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 Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. Photographer: Anthony Kwan/Bloomberg. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. Noah Gunn M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. Leon Black is proving once again he's not someone to cross. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
Bloomberg Anchor Salary,
Philly Pretzel Factory Undercover Boss,
Articles A