Check if your Got a confidential news tip? and other data for a number of reasons, such as keeping FT Sites reliable and secure, Click here for the latest trending stock tickers of the Yahoo Finance platform. 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. 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. 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. He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. Bermuda court orders halt to US lawsuit against Apollo Premium access for businesses and educational institutions. The Central Laborers' Pension Fund agreed to discontinue its suit, filed in Manhattan state court, against both Athene and Apollo after a Bermuda judge issued a temporary . Five Major US Law Firms Take Roles on $11 Billion Apollo Acquisition cookies 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. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. Leon Black is proving once again he's not someone to cross. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Asteward@athene.com. journalists in 50+ countries covering politics, business, innovation, trends and more. The transaction is expected to close in . 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. 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 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. We support credit card, debit card and PayPal payments. offers FT membership to read for free. 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. 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. For a full comparison of Standard and Premium Digital, click here. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. The lawsuit filed in New York on . Joanna Rose 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. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. 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. You can still enjoy your subscription until the end of your current billing period. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. A Division of NBCUniversal. Download the Yahoo Finance app for Apple or Android. 2023 CNBC LLC. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . All Rights Reserved. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. 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. We use We represent employees and consumers in the United States Courts of Appeals and Supreme Court. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents You can still enjoy your subscription until the end of your current billing period. Marc Rowan Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. 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. 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. "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). And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. The firm has also been building up its presence in Europe. Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. (212) 822-0540 personalising content and ads, providing social media features and to 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. Gain a global perspective on the US and go beyond with curated news and analysis from 600 esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. 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. Read the latest financial and business news from Yahoo Finance. Market Intelligence (212) 822-0491. Apollo alleges. 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. Jim Zelter 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 buying Athene in $11B deal; COVID-19 class action allowed to 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 lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. 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 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 . Jim Belardi Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit - Wink 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. 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 . 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Apollo's merger with Athene: a Final $29bn-Step in a Long - BSIC The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. 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. 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. 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. (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). Integrating that business. 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. Sales, spins and splits what are the differences and why do they matter for investors like us? The company does business in private equity and private credit. 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. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. 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. Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. Apollo and Athene to Merge in All-Stock Transaction 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. 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Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. The company does business in private equity and private credit. 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. The deal would create a $29 billion conglomerate and put . Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. 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. ", "Private equity was not immune to that," he added. 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. 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 full list of representatives can be found in the governance section of https://ir.apollo.com/. NEW YORK (Reuters) - Apollo Global Management LLC. "If we make decisions as if we're going to own it forever, we usually will make the right decision. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. Follow her on Twitter at @agarfinks and on LinkedIn. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 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. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to Apollos dependence on certain key personnel, Apollos ability to raise new Apollo funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, and interest rate fluctuations, generally, Apollos ability to manage its growth, fund performance, the variability of Apollos revenues, net income and cash flow, Apollos use of leverage to finance its businesses and investments by Apollo Funds, Athenes ability to maintain or improve financial strength ratings, the impact of Athenes reinsurers failing to meet their assumed obligations, Athenes ability to manage its business in a highly regulated industry, changes in Apollos regulatory environment and tax status, litigation risks and Apollos ability to recognize the benefits expected to be derived from the Merger.
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