Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Under the terms of the transaction, each outstanding Class A common share of Athene . Pension fund drops NY lawsuit against Apollo and Athene For a full comparison of Standard and Premium Digital, click here. For Media: Joanna Rose. and other data for a number of reasons, such as keeping FT Sites reliable and secure, We support credit card, debit card and PayPal payments. Jim Belardi 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. 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. 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 may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. 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. A Division of NBCUniversal. You may change or cancel your subscription or trial at any time online. You can still enjoy your subscription until the end of your current billing period. personalising content and ads, providing social media features and to 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. All Rights Reserved. However, it hasn't been immune to concerns in the broader economy. Market Intelligence EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. Our Standards: The Thomson Reuters Trust Principles. 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. Amanda Carstens Steward. We are excited to continue executing on this plan together, said Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. Over the last few years, the firm has . These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. Sales, spins and splits what are the differences and why do they matter for investors like us? , CEO of Athene. Marc Rowan The deal would create a $29 billion conglomerate and put . During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The lawsuit filed in New York on . 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 . 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. Jim Zelter Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Follow her on Twitter at @agarfinks and on LinkedIn. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. Apollo Law 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 . The deal is expected to be completed in January 2022. Apollo Completes Merger with Athene and Finalizes Key The lawsuit is ongoing. The transaction is expected to close in . 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. Whether we own it forever or not isn't the point.". Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Photographer: Anthony Kwan/Bloomberg. Gain a global perspective on the US and go beyond with curated news and analysis from 600 offers FT membership to read for free. (515) 342 6473 Five Major US Law Firms Take Roles on $11 Billion Apollo Acquisition Black, 67, is worth $6.2 billion, according to Forbes magazine. cookies and other data for a number of reasons, such as keeping FT Sites reliable and secure, We cant find the page you're looking for. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. 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. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . Leon Black is proving once again he's not someone to cross. 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. Leon Black. Apollo said Monday it would acquire longtime affiliate Athene Holdings. We support credit card, debit card and PayPal payments. Apollo accused of 'looting' affiliate insurer Athene 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. 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. , while Athene will continue to be led by its CEO We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. Apollo's Athene Quietly Settled Harassment Case Against Its CEO Simply log into Settings & Account and select "Cancel" on the right-hand side. Black's Apollo Fires New Salvo in Feud With Former Employees (3) According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging The companies announced Monday that they have agreed to merge by swapping stock . Global Head of Corporate Communications, Apollo. Apollo-Athene: the new Berkshire Hathaway? | Financial Times Data is a real-time snapshot *Data is delayed at least 15 minutes. All quotes delayed a minimum of 15 minutes. 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). 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. Reuters. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC 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. 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. 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 . Global Head of Corporate Communications, Apollo 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. * 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. 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. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. Apollo Completes Merger with Athene and Finalizes Key Governance Head of Marketing & Corporate . Jim Belardi Apollo and Athene to Merge in All-Stock Transaction 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. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. university 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. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer journalists in 50+ countries covering politics, business, innovation, trends and more. Athene and Apollo Announce Closing of Transaction to Strengthen 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. trending and It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Read the latest financial and business news from Yahoo Finance. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. university 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. The news and analysis powering European private equity. Private equity was not immune to 'the siren song of liquidity,' Apollo 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. Caldera has said he denied possessing confidential Apollo materials. 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. APOLLO GLOBAL MANAGEMENT, INC. : Persberichten | APO1 * | US03769M1062 If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. cookies 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 .