Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . 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. trending IR@apollo.com, For Media: and Scott Kleinman and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. 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. IR@apollo.com. "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anymore, it doesnt feel so goodWe did just fine over 10 years, but this is the period of time when liquidity has been withdrawn, when were playing offense and lots are playing defense." You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Apollo Sues Two More Executives in Dispute Over Insurance Rival - WSJ Click here for the latest trending stock tickers of the Yahoo Finance platform. 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. Private equity was not immune to 'the siren song of liquidity,' Apollo 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. 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. Photographer: Anthony Kwan/Bloomberg. Sign up for free newsletters and get more CNBC delivered to your inbox. 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 recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. and 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. Compare Standard and Premium Digital here. Global Head of Corporate Communications, Apollo Leon Black is proving once again he's not someone to cross. The company does business in private equity and private credit. 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. The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. content It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. Apollos Board of Directors is led by non-executive Chair We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. Read the latest financial and business news from Yahoo Finance. Data is a real-time snapshot *Data is delayed at least 15 minutes. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. Apollo to Acquire Athene Through $11B Deal | ThinkAdvisor Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. Amanda Carstens Steward. 652175/2018. 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. People now have to figure out were they good investors or was this all market beta? Check if your university 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. It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. 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. 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. (515) 342 6473 This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Questions linger as Apollo plans an IPO - The Salt Lake Tribune In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. If you typed the URL into your browser, check that you entered it correctly. NEW YORK (Reuters) - Apollo Global Management LLC. university Download the Yahoo Finance app for Apple or Android. Caldera has said he denied possessing confidential Apollo materials. 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. You can still enjoy your subscription until the end of your current billing period. ", "Private equity was not immune to that," he added. We support credit card, debit card and PayPal payments. Apollo and Athene to Merge in All-Stock Transaction The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . analyse how our Sites are used. Bermuda court orders halt to US lawsuit against Apollo personalising content and ads, providing social media features and to Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. 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. Apollo Completes Merger with Athene and Finalizes Key The Apollo entity said it will . organisation 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 relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. 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. A Division of NBCUniversal. 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