51.01 0.00 (0.00%)
After hours: 4:54PM EST
|Bid||50.99 x 1400|
|Ask||51.76 x 2200|
|Day's Range||50.73 - 52.42|
|52 Week Range||27.13 - 52.42|
|Beta (5Y Monthly)||1.51|
|PE Ratio (TTM)||24.54|
|Forward Dividend & Yield||2.00 (3.84%)|
|Ex-Dividend Date||Nov 18, 2019|
|1y Target Est||N/A|
Chinese commodities group Cedar Holdings has agreed to buy the Stemcor Group, one of the world's biggest steel traders, for an undisclosed sum, Stemcor said on Tuesday. The biggest shareholder of London-based Stemcor is U.S. private equity group Apollo Global Management. Cedar and Stemcor aim to finalise the deal in the first half of 2020, a statement said.
Henry Kravis has long been one of Wall Street’s most respected financiers. It could well be the golden age of private equity, but (KKR) (ticker: KKR) is largely treated as a half-powered money-making machine. The stock gained 50% last year, sharply lagging behind its peers in a year that saw some private-equity stocks double as partnerships converted to corporations.
(Bloomberg) -- Blackstone Group Inc. and Apollo Global Management Inc. delivered a simple message to Wall Street’s main regulator Tuesday: Private equity is stomping public markets, meaning mom-and-pop investors will endure inferior returns as long as rules keep them out.Speaking at a Securities and Exchange Commission event, top executives at the firms stopped short of urging the agency to dial back restrictions. But they came armed with data showing all the ways retail investors have been left behind. Their arguments: private markets are here to stay, less-liquid investments like corporate debt perform much better than stocks and private equity produces bigger gains with less volatility than publicly traded shares.“Private companies can now get ample funding and don’t need to do the IPO route” as early, said John Finley, Blackstone’s chief legal officer. “This is a fundamental change that regulators and the industry will have to deal with.”Stephanie Drescher, Apollo’s head of client and product solutions, added that the shift away from public markets has benefited buyout funds through increased demand and better investment opportunities.‘Growth Pales’”The growth pales in comparison to that of the private markets,” she said, referring to the size of public markets in recent years. “You can see the continued interest from the community of investors.”The comments come as the industry has a rare opportunity to get its hands on a chunk of the trillions of dollars in retail money that is now off limits because of decades-old rules. President Donald Trump’s de-regulatory agenda is sweeping through Washington and SEC Chairman Jay Clayton has pushed the agency to consider opening more private markets and deals to less-sophisticated investors.Under current regulations, Apollo, Blackstone, Carlyle Group Inc. and KKR & Co. must mostly raise funds from the super rich, sovereign wealth funds and pension funds. The SEC has long been concerned about less-sophisticated clients investing in complex products and not being able to quickly get their money back, as private-equity firms typically lock up cash for years.Blackstone’s Finley was careful to insist that any loosening of rules come with strong investor protections. He suggested offering retail clients access through regulated funds or via funds that already have a significant institutional investor base, allowing mom-and-pop investors to benefit from their due diligence.‘No Interest’“We have absolutely no interest in an expansion unless it’s done right,” he said.The panel discussion, hosted by a new SEC industry advisory group, is the agency’s latest effort to deal with the mushrooming growth of private markets. In June, the regulator sought public feedback on what restrictions funds with retail money should face in investing in private equity and hedge funds.In a related move, the SEC last month proposed changing some criteria that determines who’s sophisticated enough to invest in private funds. Those adjustments could also add to to the pool of people that can invest in private equity.To contact the reporter on this story: Ben Bain in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jesse Westbrook at email@example.com, Gregory MottFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Earnings for the companies haven’t improved nearly as much as their stock prices, leaving valuations stretched.
2018's fourth quarter was a rough one for investors and many hedge funds, which were naturally unable to overcome the big dip in the broad market, as the S&P 500 fell by about 4.8% during 2018 and average hedge fund losing about 1%. The Russell 2000, composed of smaller companies, performed even worse, trailing the […]
Big private-equity firms like Apollo Global Management or Carlyle Group would be among the logical buyers for the New York insurer, investment bankers said.
(Bloomberg) -- Diamond Resorts, the timeshare company owned by Apollo Global Management Inc., is entering the Manhattan market in a bid to appeal to younger vacationers.Las Vegas-based Diamond signed a deal with lodging owner Highgate to rent units at two Midtown properties, the Park Central and the WestHouse, giving the timeshare company its first New York City presence.Diamond has been courting millennials with concerts, live events and urban locations, and adding a New York property fits that strategy, Chief Executive Officer Mike Flaskey said in an interview. The company is also converting a ballroom at the Park Central into a sales office, and will station staff in the lobbies of other Highgate properties in New York to market timeshares.Timeshare companies, which sell fractional stakes in vacation properties, have long catered to young families by offering units that include kitchens and extra bedrooms. That demographic now includes millennials, a generation known for embracing city life. Wyndham Destinations Inc. and Marriott Vacations Worldwide Corp. have long offered Manhattan properties.Hilton Grand Vacations Inc., another timeshare company that has been investing in Manhattan, has attracted bids from potential buyers including Apollo, Bloomberg reported in October.To contact the reporter on this story: Patrick Clark in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Giammona at email@example.com, Christine MaurusFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
A date has been set to see if shareholders approve a proposed sale of Tech Data Corp. The board of directors will hold a special meeting on Feb. 12 at the Raymund Center, 5350 Tech Data Drive in Clearwater. Shareholders have until Jan. 9 to buy into the company and be able to vote at the board meeting, according to a filing with the U.S. Securities and Exchange Commission. The acquisition offer was originally made on Nov. 13, 2019 by Apollo Global Management Inc. (NYSE: APO) for $5.4 billion.
(Bloomberg) -- Constellis Holdings LLC, a security contractor backed by Apollo Global Management Inc., is in talks with creditors on a deal to restructure its $1 billion of debt, according to people with knowledge of the discussions.The firm, which has provided some security services around the U.S. embassy complex in Iraq -- the site of anti-American protests this week -- is seeking to restructure out of court. But it’s also considering a pre-negotiated bankruptcy filing, said the people, who asked not to be identified because the matter is private.Reston, Virginia-based Constellis entered into a forbearance agreement with a group of lenders after missing a principle payment due Dec. 31 on an $872 million loan, the people said. Under the agreement, the company’s operations globally will continue as debt talks progress.The company, which bought what was once Blackwater, the private-security firm founded by Erik Prince, has struggled as the U.S. scaled back operations overseas. Domestic work came with lower margins and the company has been bogged down with start-up costs on new contracts, S&P Global Ratings said in a report in November as it cut the company’s credit grades.New LoanApollo bought Constellis in 2016 after a number of restructurings and name changes.Constellis “plans to continue to operate our business, execute our business strategy and meet our obligations to our stakeholders,” the company said in an emailed statement.The firm said it recently closed on a $110 million delayed-draw credit facility provided by some of its existing lenders. Constellis also said the forbearance agreement with lenders “provides additional time and flexibility to continue discussions around de-levering and recapitalizing our balance sheet.”Constellis’ new loan requires that the company present a debt restructuring plan by Feb. 4, S&P said Thursday.The loan will be used to support business and operations during the proposed restructuring, the people with knowledge of the matter said. The talks are still in flux and plans could change, they said. Once the restructuring is complete, Apollo would give up its majority equity position and hand the keys to existing lenders, who would swap their holdings for shares of the restructured company.A representative for Apollo didn’t immediately comment.Embassy SecurityConstellis operates in 30 countries and provides risk management, security, humanitarian, training and operational support services to government and commercial customers, according to its website.That work has included security related to individuals departing from and arriving at the U.S. embassy in Baghdad, according to one of the people. Dozens of Iraqi militiamen and their supporters this week stormed the complex to protest deadly U.S. airstrikes against their Iranian-backed force as President Donald Trump blamed Tehran for instigating the protest, and U.S. officials faulted Iraqi security forces for failing to secure the embassy’s perimeter.The company’s $725 million first-lien loan due in 2024 trades at less than half its face value, while a $215 million second-lien loan is quoted at around 10 cents on the dollar, according to prices compiled by Bloomberg.Constellis is working with investment bank PJT Partners Inc. while the group of lenders enlisted law firm Gibson Dunn & Crutcher LLP and investment bank Houlihan Lokey Inc., the people said.A representative for PJT didn’t immediately respond to messages seeking comment, while a spokesman for Gibson Dunn didn’t immediately provide a comment. Houlihan declined to comment.(Adds prices on the company’s loans in 13th paragraph. A previous version of the story corrected the description of security services in second and 12th paragraphs.)To contact the reporters on this story: Katherine Doherty in New York at firstname.lastname@example.org;Sally Bakewell in New York at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Shannon D. HarringtonFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Moody's Investors Service downgraded its ratings for Constellis Holdings, LLC, including the company's corporate family rating (to Ca, from B3) and probability of default rating (to Ca-PD/LD, from B3-PD), and the ratings for the company's existing senior secured bank credit facility (first lien to Ca, from B2; second lien to C, from Caa2).
(Bloomberg) -- Apollo Global Management LLC and Varde Partners LP are no longer considering bidding for Altico Capital India Ltd., according to people familiar with the matter, narrowing the number of suitors for the troubled shadow lender.The firms pulled out because they were unwilling to meet creditor demands to inject as much as 20 billion rupees ($280 million) of fresh equity into Altico, two people said, asking not to be identified as the information is private. A spokesman for Apollo confirmed its withdrawal while Varde declined to comment.That leaves Cerberus Capital Management LP, SSG Capital Management, and Kotak Investment Advisors Ltd. in the race for the real-estate focused lender, three people said. Representatives for Cerberus, SSG and Kotak declined to comment.Altico’s troubles follow a spate of defaults among Indian shadow banks over the last 16 months, making it harder for the sector to raise funds. The cash crunch is also spilling over into the broader economy, given that these lenders fund everything from the construction of condominiums to purchases of personal goods like cars and phones.Apollo was only willing to inject part of the money creditors sought, while Varde wanted to wait for a turnaround in Altico before investing, two people said.Without the funds, Altico may have to leave some projects only partly financed, which could ripple onto the developers and hurt their ability to repay their loans. Altico had given out 68.9 billion rupees of loans to 34 borrowers as of June.(Updates with Altico loan book in final paragraph)To contact the reporters on this story: Bijou George in Mumbai at email@example.com;Rahul Satija in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Andrew Monahan at email@example.com, Jeanette Rodrigues, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Berkshire Hathaway has been a market laggard in recent years, but several factors point to a rebound in 2020, especially if the market falters.
Kim Guthrie will lead the new Cox Media Group as president and CEO; Steven Pruitt joins as executive chairman.
Arconic has filed documents with the U.S. Securities and Exchange Commission, that could mean the lightweight metals manufacturer will split in two by the second quarter of 2020.
A newly released SEC proxy statement details the beginning and eventual resolution of acquiring the region's largest public company.
Rating Action: Moody's downgrades VAC to B3, negative outlook. Global Credit Research- 13 Dec 2019. Frankfurt am Main, December 13, 2019-- Moody's Investors Service today downgraded to B3 from B2 the corporate ...
General Electric's (GE) aviation services unit completes the divestment of PK AirFinance. This is aligned with the company's plan to divest GE Capital's assets worth $10 billion in 2019.
Income investors who’ve dismissed publicly traded alternative-asset managers like Apollo Global Management because of their inconsistent payouts might want to reconsider: Many of these companies have shifted their policies to focus more on steady dividend payments.