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). The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. 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). Leon Black. People now have to figure out were they good investors or was this all market beta? All quotes delayed a minimum of 15 minutes. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents 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. No. 107: Aviva, Athene, and Apollo Are Defendants in a RICO Lawsuit 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. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. Whether we own it forever or not isn't the point.". Communications@apollo.com, Amanda Carstens Steward Bermuda court issues temporary injunction to block Apollo, Athene lawsuit 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. 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. 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 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. 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. As a combined public company, we have created a superior model to deliver highly stable and diversified earnings, to accelerate our growth, and to originate the highest quality assets for our clients. personalising content and ads, providing social media features and to Leon Black is proving once again he's not someone to cross. In February, Apollo clocked a profit after three quarters of losses. NEW YORK (Reuters) - Apollo Global Management LLC. 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. 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 . Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. We are excited to continue executing on this plan together, said Apollo and Athene to Merge in All-Stock Transaction It also owns. 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. 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 . Check if your . Scott Kleinman . 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. 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. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Apollo's Athene Quietly Settled Harassment Case Against Its CEO "We buy something; we operate the business as if we're going to own it forever," Rowan said. The Apollo-Athene Merger Will Unlock Value - SeekingAlpha Asteward@athene.com. The lawsuit filed in New York on . The lawsuit filed in New York on 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. You may change or cancel your subscription or trial at any time online. 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. Apollo Global Management, Inc. 2023 All Rights Reserved. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC Sign up for free newsletters and get more CNBC delivered to your inbox. We support credit card, debit card and PayPal payments. Jim Zelter Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Jim Zelter Apollo is a global, high-growth alternative asset manager. 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. We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. 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. The transaction is expected to close in . He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Pension fund drops NY lawsuit against Apollo and Athene - Insurance Insider 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. Global Head of Investor Relations, Apollo Apollo sues two more executives in dispute over insurance rival Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. 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. A Division of NBCUniversal. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. See here for a complete list of exchanges and delays. The Apollo entity said it will . Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. 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. Apollo Sues Two More Executives in Dispute Over Insurance Rival - WSJ 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. content Five Major US Law Firms Take Roles on $11 Billion Apollo Acquisition Apollo Announces Special Meeting Date to Approve Proposed Merger We cant find the page you're looking for. Marc Rowan, Apollo co-founder. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. ", "Private equity was not immune to that," he added. Caldera has said he denied possessing confidential Apollo materials. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. If you typed the URL into your browser, check that you entered it correctly. For a full comparison of Standard and Premium Digital, click here. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. The reference to emails in 2017 smacks of desperation.. 3 min read. Apollo's merger with Athene: a Final $29bn-Step in a Long - BSIC Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. Premium access for businesses and educational institutions. Joanna Rose Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. (212) 822-0491. offers FT membership to read for free. Leon Black is proving once again hes not someone to cross. Apollo and Athene declined to comment to the news outlet. For cost savings, you can change your plan at any time online in the Settings & Account section. The lawsuit is ongoing. 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. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. 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. "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. 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. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. 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Marc Rowan About Athene. Get this delivered to your inbox, and more info about our products and services. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. analyse how our Sites are used. Compare Standard and Premium Digital here. , CEO of Athene. (212) 822-0491 Mar 8, 2021, 1:57 PM PST. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Apollo accused of 'looting' affiliate insurer Athene The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. Under the terms of the transaction, each outstanding Class A common share of 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. (212) 822-0540 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Together, we will continue to serve the investment return and retirement savings needs of all our clients. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. 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 . Data is a real-time snapshot *Data is delayed at least 15 minutes. analyse how our Sites are used. 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 Market Intelligence 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. 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. Black, 67, is worth $6.2 billion, according to Forbes magazine. It opened a new office in London in April and invested 1 billion euros about $1.1 billion in real estate assets managed by Germany-based Vonovia. Gain a global perspective on the US and go beyond with curated news and analysis from 600 You may change or cancel your subscription or trial at any time online. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. 652175/2018. 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. 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. 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. 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. 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. Integrating that business. Apollo Global: Athene Merger Is The Right Strategy - SeekingAlpha