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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. It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. IR@apollo.com. Joanna Rose Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. organisation Download the Yahoo Finance app for Apple or Android. 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 also owns. We are excited to continue executing on this plan together, said Leon Black is proving once again hes not someone to cross. journalists in 50+ countries covering politics, business, innovation, trends and more. , Co-Presidents of Apollo Asset Management. 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. (212) 822-0540 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. Marc Rowan You may change or cancel your subscription or trial at any time online. 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. 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. 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 . Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. All quotes delayed a minimum of 15 minutes. 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. Gain a global perspective on the US and go beyond with curated news and analysis from 600 The deal would create a $29 billion conglomerate and put . Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. 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. Head of Marketing & Corporate Communications, Athene The company does business in private equity and private credit. To learn more, please visit www.apollo.com. 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. Over the last few years, the firm has . 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. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. . You can still enjoy your subscription until the end of your current billing period. NEW YORK (Reuters) - Apollo Global Management LLC. Photographer: Anthony Kwan/Bloomberg. 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. "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. Whether we own it forever or not isn't the point.". The deal is expected to be completed in January 2022. Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. content 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. Global Head of Investor Relations, Apollo 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. 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. Follow her on Twitter at @agarfinks and on LinkedIn. We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. The news and analysis powering European private equity. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. Our Standards: The Thomson Reuters Trust Principles. . (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). Market Intelligence The full list of representatives can be found in the governance section of https://ir.apollo.com/. "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). 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. Lehman and Hill City Capital. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Apollos Board of Directors is led by non-executive Chair 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 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. . For a full comparison of Standard and Premium Digital, click here. Global Head of Corporate Communications, Apollo These statements include, but are not limited to, discussions related to Apollos expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis and expectations regarding benefits anticipated to be derived from the merger (the Merger) with Athene Holding Ltd. (Athene). Communications@apollo.com, Amanda Carstens Steward However, it hasn't been immune to concerns in the broader economy. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. 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. The company does business in private equity and private credit. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. 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. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. Got a confidential news tip? 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 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. personalising content and ads, providing social media features and to (212) 822-0491 About Athene. 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. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. 2023 CNBC LLC. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal, bringing in-house an annuities provider that helped turned it into one of the world's largest corporate credit investors. analyse how our Sites are used. 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. personalising content and ads, providing social media features and to The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . 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. Mar 8, 2021, 1:57 PM PST. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Check if your To learn more, please visit www.apollo.com. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. university If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. For Investors: Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . We support credit card, debit card and PayPal payments. Contacts. And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. 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Rowan, who co-founded Apollo 31 years ago, has been tasked with running the New York-based firm after board Chairman Leon Black said in January he would step down as chief executive by July, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein. 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. 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. (515) 342 6473 Compare Standard and Premium Digital here. Under the terms of the transaction, each outstanding Class A common share of Athene . Check if your Reuters. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. 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. Apollo Global Management, Inc. 2023 All Rights Reserved. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. 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. Scott Kleinman cookies 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. Black, 67, is worth $6.2 billion, according to Forbes magazine. 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. 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 Read the latest financial and business news from Yahoo Finance. Standard Digital includes access to a wealth of global news, analysis and expert opinion. organisation Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. 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. An Illinois pension fund has dropped a lawsuit accusing Apollo of charging "extravagantly expensive" fees to Athene, the life run-off acquirer that it founded. People now have to figure out were they good investors or was this all market beta? cookies It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Caldera has said he denied possessing confidential Apollo materials. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. 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 Inc. is suing two former employees of its affiliate Athene Holding Ltd. 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. 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. Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. We cant find the page you're looking for. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. 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. or 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. 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. 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. Global Head of Corporate Communications, Apollo. Marc Rowan, Apollo co-founder. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Click here for the latest trending stock tickers of the Yahoo Finance platform. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. Amanda Carstens Steward. 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. We want to hear from you. Jim Belardi The reference to emails in 2017 smacks of desperation.. Noah Gunn offers FT membership to read for free. and You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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 Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. 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. For Media: Joanna Rose. See here for a complete list of exchanges and delays. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Jim Zelter A Division of NBCUniversal. APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange (212) 822-0491. and other data for a number of reasons, such as keeping FT Sites reliable and secure, "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. 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. 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. All Rights Reserved. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. 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. 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. Integrating that business. If you typed the URL into your browser, check that you entered it correctly. "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." 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.
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