43.85 +0.15 (0.34%)
After hours: 7:41PM EST
|Bid||43.60 x 800|
|Ask||43.67 x 1000|
|Day's Range||43.24 - 44.00|
|52 Week Range||22.63 - 44.18|
|Beta (3Y Monthly)||1.50|
|PE Ratio (TTM)||21.02|
|Earnings Date||Jan 29, 2020 - Feb 3, 2020|
|Forward Dividend & Yield||2.00 (4.55%)|
|1y Target Est||47.63|
(Bloomberg) -- Apollo Global Management Inc. is exploring a sale of Qdoba Restaurant Corp., a Mexican food chain it acquired last year, according to Qdoba Chief Executive Officer Keith Guilbault."We’re extremely grateful for the guidance, strategy and resources Apollo has provided," Guilbault said in an emailed statement. "Now, as Apollo explores a potential sale, it shows the health and strength of the QDOBA brand as we continue to focus on what we do best -- creating flavor that our customers love and cultivating a culture that our team members enjoy every day.”New York-based Apollo is working with advisers on a potential sale of Qdoba, which could fetch up to $550 million, including debt, according to a person familiar with the matter, asking not to be identified because information is private. It generates about $50 million in annual earnings before interest, taxes, depreciation and amortization, this person said.Representatives for Apollo declined to comment.Apollo closed its $305 million purchase of Qdoba from Jack in the Box Inc. in March 2018. The San Diego-based company, which does business as QDOBA Mexican Eats, has more than 750 locations in the U.S. and Canada, according to its website.Since Apollo acquired the company, it has started offering plant-based meat substitutes at its restaurants and opened a new headquarters in San Diego, according to its website.Apollo is bringing Qdoba to market after the firm’s attempt to take Chuck E. Cheese parent CEC Entertainment Inc. public via a reverse merger fell apart in July.To contact the reporters on this story: Crystal Tse in New York at email@example.com;Kiel Porter in Chicago at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Matthew Monks, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
OMAHA, Neb., Nov. 18, 2019 -- Intrado, a global leader in technology-enabled services, will host a two-day virtual event to present its digital media solution suite to internal.
Private equity firms are flush with cash, which means they have to spend it. Walgreens is being targeted by KKR. Barron’s has a few ideas about how to identify who could be in the PE crosshairs next.
Four years ago, the company agreed to lease space at Two Live Oak for a sales office, while it also maintained its IT headquarters in Peachtree Corners.
NEW YORK, Nov. 14, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Tech Data Corporation (“Tech Data”.
Continuing with strategic moves, Apollo Global (APO) signs deal to acquire Tech Data (TECD), with the aim to boost the latter's position in the market.
Intrado, a global leader in technology-enabled services, has been recognized with the Select Communications 2019 Partner Excellence Award for innovation and leadership. Select Communications, a longtime Intrado Enterprise Collaboration resale partner, created the Partner Excellence Awards to recognize and celebrate technology supplier partners that provide superior performance throughout the year, enabling optimal business outcomes for Select and its customers. “Select Communications has worked for decades, developing partnerships with leading technology carriers in every segment of the marketplace – from niche providers to top ranking manufacturers,” said Jerry Goldman, CEO, Select Communications.
One month after serious conversations — with trips to both Tampa and New York City — Apollo Global has formally submitted a $5.4 billion bid to buy Clearwater-based Tech Data Corp., the Tampa Bay area's largest public company. "The good news is Apollo is in the business of owning companies," Tech Data CEO Richard Hume said in an interview with the Tampa Bay Business Journal, about Apollo's long list of acquisitions.
The Florida-based electronics distributor has agreed to sell itself for $130 per share to Apollo Global Management, but the company has until Dec. 9 to find a better deal.
Apollo Global Management said it is going to buy Tech Data for $5.4 billion, or $130 a share. The deal represents a 24.5% premium to its 30-day average closing price ending Oct. 15, before there was speculation of a buyout. Tech Data closed Tuesday at $129.87. The terms say Tech Data will be permitted to actively solicit alternative acquisition proposals from third parties during a "go-shop" period from the date of the agreement until Dec. 9, 2019. The Tech Data board of directors has unanimously approved the transaction. Bank of America advised Tech Data, and Citi was lead financial adviser for Apollo.
Tech Data was rising 3.79% to $130.16 Wednesday after reaching an agreement to be acquired by Apollo Global Management for $130 a share, or for an enterprise value of roughly $5.4 billion. The purchase price represents a 24.5% premium to the unaffected 30-day volume weighted average closing price of Tech Data shares on Oct. 15, the last trading day prior to reports speculating on a transaction involving the company, Tech Data said in a statement Wednesday. "Over our 45-year history, Tech Data has grown to become one of the largest and most respected technology distributors in the world," said Rich Hume, CEO of Tech Data.
NEW YORK, Nov. 12, 2019 -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced the appointment of Joanna Rose as.
Zac Barnett and Richard Wheelahan, III By Oliver Estreich How does governance come into play for institutional asset managers. One key area is how leverage is managed, according to Richard Wheelahan, III, and Zac Barnett, the Co-Founders of Fund Finance Partners. Over the past decade Richard has advised fund sponsors and lenders, both as […]
OMAHA, Neb., Nov. 11, 2019 -- Intrado, a global leader in technology-enabled services, today announced the release of Ambassador’s A/B testing and communication management.
(Bloomberg) -- Leon Black, co-founder of Apollo Global Management Inc., said the firm is on course to almost double its assets under management to $600 billion in five years.The target “does not represent the end game for Apollo,” Black said Thursday at the firm’s 2019 Investor Day, rather “a step along the way.” It would be achieved through strategic and organic growth, he said. A near doubling from the current $323 billion in total assets would be a similar pace to the past five years for the firm -- Apollo managed about $164 billion in 2014.The alternative asset management industry has been growing at a robust clip in recent years. Apollo and its rivals, including Blackstone Group Inc., and KKR & Co., are collecting record amounts of cash from investors. Pensions, endowments and sovereign wealth funds are attracted to the long-term performance of the firms over more volatile hedge funds.“We expect to continue to grow at a rapid pace by applying our value-oriented approach across related investment categories,” Black said. “The opportunities in front of us are massive and provide countless years of future growth potential.”Apollo has seen enormous growth in its credit business from Athene Holding Ltd., the insurer it established in 2009 and built into one of the top fixed-annuity providers in the U.S. Apollo announced last month it was doubling down on its investment in Athene, which has proven an essential fixture in Apollo’s financial apparatus. Analysts have estimated that Athene accounts for about 25% of Apollo’s overall value.(Updates with details on Athene in last paragraph.)To contact the reporters on this story: Melissa Karsh in New York at firstname.lastname@example.org;Heather Perlberg in Washington at email@example.comTo contact the editors responsible for this story: Sam Mamudi at firstname.lastname@example.org, Vincent BielskiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Apollo Global Management, Inc. (APO) (together with its consolidated subsidiaries, “Apollo”) today announced several notable additions across its Insurance Solutions Group (“ISG”) and European yield investing businesses. “The appointments to these newly created positions will enhance Apollo’s integrated investment approach and deep bench of talent while further strengthening our already considerable business capabilities in insurance and Europe,” Apollo’s Co-Presidents, Scott Kleinman and James Zelter said in a joint statement. Earlier this year, Apollo established ISG within its credit segment to integrate efforts in managing capital for insurance companies across the firm.
(Bloomberg Opinion) -- Wall Street should fear Senator Elizabeth Warren, but not for the reason it thinks.Some of Wall Street’s biggest stars have howled recently about how Warren would wreck the U.S. economy and the stock market if she were elected president or merely continued to make strides in that direction. Billionaire Paul Tudor Jones predicted last week at the Robin Hood Investors Conference in New York that the S&P 500 Index would decline 25% and that U.S. economic growth would be cut in half if Warren were to win. Leon Cooperman, Rob Citrone and Jeffrey Vinik have also said that the market would react negatively.Those fears are misplaced. Presidents have far less control over the U.S. economy than many think. Most recently, President Donald Trump tried to boost the economy with his sweeping Tax Cuts and Jobs Act, but its effects have been negligible so far. Also, no one can reliably anticipate the stock market’s reaction to events. Instead, Wall Street ought to worry about what Warren would do to the rarefied world of private equity, particularly leveraged buyouts, or LBOs.LBOs are simple transactions in concept, similar to buying a home. LBO firms acquire companies by putting down a small percentage of the purchase price and borrowing the rest. That liberal use of leverage magnifies returns, which is the main reason LBOs have historically been among the best performing investments. They can also play a useful role. When a public company wants to go private, a firm with multiple business lines wants to shed a division or a business owner wants to cash out, LBO firms are often the buyers.The problem is there’s more money chasing LBOs than deals to accommodate it. Roughly $1.2 trillion was invested in the strategy as of March, according to research firm Preqin, double the amount invested across all private equity strategies in 2000. The unsurprising result is that companies are fetching higher purchase prices, if investors can find deals at all. In a 2018 survey, private equity firms cited high valuations, a scarcity of deals and intense competition as their biggest challenges, according to financial data company PitchBook.The numbers bear it out. In the first half of 2019, LBO investors paid 11.2 times Ebitda, or earnings before interest, taxes, depreciation and amortization, according to Morgan Stanley, nearly 70% more than the 6.7 times they paid in 2000. LBO firms have been able to offset higher purchase prices with help elsewhere. For one, interest rates have declined significantly over the last two decades, with the 10-year Treasury yield falling to less than 2% from close to 7% in 2000. Investors have demanded little more for low-quality debt in recent years, which features prominently in many LBO deals. Those low rates have allowed LBO firms to borrow or refinance more cheaply. In addition, the U.S. has enjoyed the longest economic expansion on record since 2009, which has helped bolster their portfolio companies’ profits. Third, rising valuations have allowed LBOs to sell their investments at ever higher multiples.Those tailwinds could evaporate quickly, but that hasn’t dissuaded investors, at least so far. They still expect higher returns from private equity than they do from U.S. stocks and bonds and a smooth ride, given that private assets are sheltered from turbulent public markets. Those perceived advantages have made private equity a fixture of institutional portfolios and, increasingly, those of individuals.To accommodate the flood of investment, LBO firms are venturing farther from their traditional turf and into every conceivable corner of the economy, including pet stores, doctors’ practices and newspapers. The industry says its expanding reach leaves companies better off, but there’s mounting evidence that companies acquired through LBOs are more likely to depress wages, cut investment or go bankrupt, in many cases because of their debt load. When that debt proves too burdensome, workers and their communities and the taxpayers who inevitably support them all lose, while LBO firms still collect their fees and dividends. Leverage is risky business, as the 2008 financial crisis laid bare, and the growth of private equity is spreading that risk well beyond its small sphere of well-heeled investors. Numbers for private equity are famously guarded, but one way to get a sense of the risks and rewards that come with the industry’s use of leverage is by looking at the stock performance of publicly traded private equity firms.The S&P Listed Private Equity Index, which includes industry titans Blackstone Group Inc., Apollo Global Management LLC and KKR & Co., tumbled 82% from peak to trough during the financial crisis, including dividends. That exceeded the 79% decline for the S&P 500 Financials Index, the sector whose excessive use of leverage triggered the crisis, and the 51% decline for the S&P 500. Since the crisis eased in March 2009, however, the private equity index has outpaced the financials index by 1.3 percentage points a year through October and the S&P 500 by 2.4 percentage points.That brings us back to Warren, who has said that “private equity firms are like vampires — bleeding the company dry and walking away enriched even as the company succumbs.” Warren has also called private equity “legalized looting” that “makes a handful of Wall Street managers very rich while costing thousands of people their jobs, putting valuable companies out of business and hurting communities across the country.”Warren introduced a sweeping bill in July titled — what else — the “Stop Wall Street Looting Act” that would, at the very least, fundamentally transform the industry. Her proposal would ratchet up the potential liability of private equity firms by putting them on the hook for debts of their portfolio companies, holding them responsible for certain pension obligations of those companies and limiting their ability to collect fees and dividends. It would change tax rules to deny private equity firms preferential rates on the debt they put on portfolio companies and close a loophole that allows them to pay lower taxes on investment profits. It would also modify bankruptcy rules to make it easier for workers to collect pay and benefits and harder for executives to walk away with bonuses. Steve Biggar, an Argus Research Corp. analyst who covers private equity firms, called Warren’s plan an “industry-destroying proposal.”Of course, the industry is just as vulnerable to a sustained downturn or higher interest rates, given its cocktail of leverage and high valuations. In the meantime, as more Americans encounter the fallout from failed LBO deals, support for regulation of private equity is likely to grow. And if Warren occupies the White House, she may well lead the charge.To contact the author of this story: Nir Kaissar at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nir Kaissar is a Bloomberg Opinion columnist covering the markets. He is the founder of Unison Advisors, an asset management firm. He has worked as a lawyer at Sullivan & Cromwell and a consultant at Ernst & Young. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Deutsche Bahn is in exclusive talks with U.S. buyout group Carlyle over the sale of the German rail operator's Arriva international passenger transport unit, a person familiar with the matter said on Friday. The German rail operator is also still preparing for a potential flotation of Arriva, the person said. Arriva, which employs 53,000 people across Europe and is expected to be valued at 3-4 billion euros ($3.35-$4.5 billion), runs British rail franchises including Northern and the London Overground as well as buses around the country.
Apollo Global Management, Inc. (APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the third quarter ended September 30, 2019. “On September 5th, Apollo completed its conversion from a partnership to a corporation, and we are already beginning to realize the anticipated benefits including access to a much larger universe of institutional investors, enhanced liquidity, and index inclusion.
NEWARK, Calif., Oct. 31, 2019 /PRNewswire/ -- Protagonist Therapeutics, Inc. (PTGX) today announced it has entered into a four-year debt facility with MidCap Financial (MidCap), the lead agent, and Silicon Valley Bank (SVB). The lenders under the debt facility will make available to Protagonist an aggregate principal amount up to $50 million. $10 million of the facility has been funded at closing, with the ability to access the remaining $40 million, subject to the achievement of certain clinical development milestones and other specified conditions.