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. 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. 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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. . Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Leon Black. 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. M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. Marc Rowan, Apollo co-founder. The deal is expected to close in January 2022. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Our Standards: The Thomson Reuters Trust Principles. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit Premium access for businesses and educational institutions. Sign up for free newsletters and get more CNBC delivered to your inbox. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. and All Rights Reserved. The Apollo entity said it will . For cost savings, you can change your plan at any time online in the Settings & Account section. Head of Marketing & Corporate Communications, Athene . This press release does not constitute an offer of any Apollo fund. Apollo is a global, high-growth alternative asset manager. NEW YORK (Reuters) - Apollo Global Management LLC. Compare Standard and Premium Digital here. 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. 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. IR@apollo.com. Jim Zelter trending Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . Pension fund drops NY lawsuit against Apollo and Athene Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. 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. 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. Check if your 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Apollo Proposes Merger With Insurance Firm Athene - Business Insider For Media: Joanna Rose. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. In February, Apollo clocked a profit after three quarters of losses. university 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. You can still enjoy your subscription until the end of your current billing period. Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Private equity was not immune to 'the siren song of liquidity,' Apollo Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Apollo alleges. and 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. , while Athene will continue to be led by its CEO Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. 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. organisation "If we make decisions as if we're going to own it forever, we usually will make the right decision. personalising content and ads, providing social media features and to 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. Global Head of Corporate Communications, Apollo 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). People now have to figure out were they good investors or was this all market beta? The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). analyse how our Sites are used. Apollo Completes Merger with Athene and Finalizes Key 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 Announces Special Meeting Date to Approve Proposed Merger 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. , CEO of Athene. (515) 342 6473 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. Apollo and Athene declined to comment to the news outlet. Jim Belardi Apollo (APO)-Athene (ATH) Merger to Create $29 Billion Firm - Yahoo Finance The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. 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. 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. offers FT membership to read for free. 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 . The news and analysis powering European private equity. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Over the last few years, the firm has . 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. Bermuda court orders halt to US lawsuit against Apollo Leon Black is proving once again hes not someone to cross. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. Whether we own it forever or not isn't the point.". Caldera has said he denied possessing confidential Apollo materials. We use You may change or cancel your subscription or trial at any time online. 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. offers FT membership to read for free. Jay Clayton No. 107: Aviva, Athene, and Apollo Are Defendants in a RICO Lawsuit Got a confidential news tip? Lehman and Hill City Capital. Apollo Completes Merger with Athene and Finalizes Key Governance Apollo sues two more executives in dispute over insurance rival cookies * 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. 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. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Together, we will continue to serve the investment return and retirement savings needs of all our clients. 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. If you typed the URL into your browser, check that you entered it correctly. To learn more, please visit www.apollo.com. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . 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. Apollo Law Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. For a full comparison of Standard and Premium Digital, click here. All quotes delayed a minimum of 15 minutes. Simply log into Settings & Account and select "Cancel" on the right-hand side. Simply log into Settings & Account and select "Cancel" on the right-hand side. Photographer: Anthony Kwan/Bloomberg. 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.
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