Contacts. 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. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. 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. Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 2023 CNBC LLC. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. , while Athene will continue to be led by its CEO Apollo's Athene Quietly Settled Harassment Case Against Its CEO 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. Click here for the latest trending stock tickers of the Yahoo Finance platform. 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. 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. Jay Clayton [email protected]. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer All Rights Reserved. Black's Apollo Fires New Salvo in Feud With Former Employees (3) Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. Caldera has said he denied possessing confidential Apollo materials. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Leon Black is proving once again he's not someone to cross. 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Photographer: Anthony Kwan/Bloomberg. cookies These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. 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). 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. 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. 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. You may change or cancel your subscription or trial at any time online. He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. 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. 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 company does business in private equity and private credit. and Insiders Open up About Apollo Global Management CEO Marc Rowan The deal would create a $29 billion conglomerate and put . Standard Digital includes access to a wealth of global news, analysis and expert opinion. trending Joanna Rose Global Head of Corporate Communications, Apollo. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. 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. Whether we own it forever or not isn't the point.".

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