Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. Check if your content Marc Rowan For a full comparison of Standard and Premium Digital, click here. Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. organisation During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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 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. Jim Zelter personalising content and ads, providing social media features and to Gain a global perspective on the US and go beyond with curated news and analysis from 600 Noah Gunn Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. 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. You can still enjoy your subscription until the end of your current billing period. 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. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. , CEO of Athene. About Athene. 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. 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. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. Reuters. 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. Scott Kleinman 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. Sales, spins and splits what are the differences and why do they matter for investors like us? 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. 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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). The lawsuit filed in New York on . He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. All quotes delayed a minimum of 15 minutes. Leon Black is proving once again he's not someone to cross. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. 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. Caldera has said he denied possessing confidential Apollo materials. We use 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. Our Standards: The Thomson Reuters Trust Principles. Photographer: Anthony Kwan/Bloomberg. Apollo said Monday it would acquire longtime affiliate Athene Holdings. It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. 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. 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. Over the last few years, the firm has . journalists in 50+ countries covering politics, business, innovation, trends and more. 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. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. 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. personalising content and ads, providing social media features and to All Rights Reserved. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. 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. 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 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. journalists in 50+ countries covering politics, business, innovation, trends and more. Global Head of Corporate Communications, Apollo. trending IR@apollo.com. 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. See here for a complete list of exchanges and delays. For cost savings, you can change your plan at any time online in the Settings & Account section. Simply log into Settings & Account and select "Cancel" on the right-hand side. It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. "We buy something; we operate the business as if we're going to own it forever," Rowan said. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Premium access for businesses and educational institutions. cookies The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. 652175/2018. 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 . "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. Download the Yahoo Finance app for Apple or Android. The company does business in private equity and private credit. or The deal is expected to be completed in January 2022. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. The deal is expected to close in January 2022. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. In February, Apollo clocked a profit after three quarters of losses. Leon Black. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. The transaction is expected to close in . And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. /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. However, it hasn't been immune to concerns in the broader economy. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. 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. Black, 67, is worth $6.2 billion, according to Forbes magazine. 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. , while Athene will continue to be led by its CEO 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. (212) 822-0491 As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer (515) 342 6473 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. "We will have total alignment to optimize our strategy and allocate capital efficiently," said Marc Rowan, Apollo's incoming chief executive, who helped set up Athene in 2009. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Apollo alleges. 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 . Global Head of Investor Relations, Apollo 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. The news and analysis powering European private equity. 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. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. 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. Contacts. Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. 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. 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. 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. Caldera has said he denied possessing confidential Apollo materials. Global Head of Corporate Communications, Apollo Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . 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. Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. Apollo is a global, high-growth alternative asset manager. 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 full list of representatives can be found in the governance section of https://ir.apollo.com/. and "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." 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. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. And that trend has continued in 2023 so far. To learn more, please visit www.apollo.com. 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. It also owns. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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 typed the URL into your browser, check that you entered it correctly. NEW YORK (Reuters) - Apollo Global Management LLC. 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. 2023 CNBC LLC. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. 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. We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. 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. Marc Rowan 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. offers FT membership to read for free. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. We support credit card, debit card and PayPal payments.

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