APO - Apollo Global Management, LLC
| Previous Close | 34.80 |
| Open | 35.10 |
| Bid | 35.10 x 1000 |
| Ask | 35.13 x 1100 |
| Day's Range | 34.88 - 35.29 |
| 52 Week Range | 22.63 - 36.49 |
| Volume | 559,714 |
| Avg. Volume | 1,488,517 |
| Market Cap | 14.155B |
| Beta (3Y Monthly) | 1.78 |
| PE Ratio (TTM) | 29.32 |
| EPS (TTM) | 1.20 |
| Earnings Date | Oct 29, 2019 - Nov 4, 2019 |
| Forward Dividend & Yield | 2.00 (5.75%) |
| Ex-Dividend Date | 2019-08-15 |
| 1y Target Est | 41.47 |
- American City Business Journals
Tegna confirms it rejected acquisition offer from private equity giant
Tysons-based media company Tegna Inc. (NYSE: TGNA) confirmed Wednesday that it rejected an acquisition offer from Apollo Global Management LLC (NYSE: APO) earlier in 2019 — although the private equity giant didn’t name a price. The disclosure by the company, which owns dozens of television stations and digital news properties across the country, came after a Wall Street Journal story detailing an initial letter by Apollo to the Tegna board of directors in February. Despite the rejection, Apollo has remained in contact with the company over the last several months, according to Tegna.
- Financial Times
FirstFT: Today’s top stories
for a role in Saudi Aramco’s planned stock market listing after a charm offensive by top executives, including former Trump administration official Dina Powell. The Wall Street bank had failed to secure a top advisory role in 2017 when Saudi Aramco nominated banks including JPMorgan Chase, Morgan Stanley, Moelis, Evercore and HSBC for what could be the world’s largest listing. The successful launch of a $12bn international bond by Saudi Aramco this year renewed momentum for the IPO and revived optimism about the Saudi economy after the international condemnation that followed the killing of journalist Jamal Khashoggi.
- Financial Times
Private equity: the generational feud that rocked Apollo
“We are lawyers for Apollo,” he began, referring to one of the world’s leading — and most aggressive — private equity firms, where Mr Dang also worked. The ambush exposed Mr Dang’s divided loyalties in a messy power struggle between two generations of Wall Street fortune-makers. On one side of the battle was Marc Rowan, co-founder of Apollo Global Management, who at 57 is old enough to have become a multibillionaire from the leveraged buyout revolution a generation ago.
- Financial Times
Friends to foes: a tale of two private equity partners
FT premium subscribers can click here to receive Due Diligence every day by email. One thing to start: Goldman Sachs has clawed its way into contention for a role in Saudi Aramco’s planned stock market listing, after a months-long charm offensive by top executives, including former Trump administration official Dina Powell and chief executive David Solomon, said several people briefed on the matter. This comes after Goldman had failed to secure a top role in the public offering in 2017 when Saudi Aramco nominated banks including JPMorgan Chase, Morgan Stanley, Moelis, Evercore and HSBC to advise them on what could be the world’s largest listing.
- American City Business Journals
Leon Black's Apollo to place a bid for Hilton Grand, report says
Private equity giant Apollo Global Management is circling time-share operator Hilton Grand Vacations. The Leon Black-led firm (NYSE: APO) has not announced a bid, but the New York Post is reporting that the private equity shop could offer $36 a share. Hilton Grand Vacations is based in Orlando, Florida.
- GlobeNewswire
Health Advocate Awarded Patents for Innovative Software Powering Integrated Health and Benefits Services
Intrado’s Health Advocate, a leading provider of health advocacy, navigation and integrated benefits programs, announced today that it has been granted three U.S. patents for the technology behind its state-of-the art customer relationship management (CRM) and case tracking system, MemPHIS (Member Personal Health Information System). MemPHIS was purpose-built by Health Advocate to support its entire suite of fully integrated products and programs while optimizing their impact on health outcomes and medical costs. “Since its introduction, MemPHIS has been a game changer for Health Advocate because it allows us to fully and seamlessly integrate our many member-facing and care management programs into one platform,” said Matt Yost, President of Health Advocate.
- Zacks
Reasons Driving Conversion of Private Equities Into C-Corp
Favorable markets and conversions into C-corps, which kick-started post the 2017 tax overhaul, are providing a boost to shares of private equity firms.
- TheStreet.com
[video]Apollo Global Eyes Takeover of Hilton Grand Vacations for Up to $36 a Share
Such a bid would be almost 28% higher than Monday's closing price of $28.21 for Hilton Grand Vacations.
- Benzinga
Apollo Updates Conversion From Public To Corporation Status
Apollo Global Management, LLC (NYSE: APO) shares are trading higher after the company announced it intends to complete its previously announced conversion from a publicly traded partnership to a corporation effective Sept. 5. The Apollo Operating Group units are worth approximately $600 million based on recent trading prices are expected to be exchanged into an equal amount of Class A shares. "We look forward to completing Apollo's conversion to a corporation, which we believe will simplify our firm's structure and enable a much broader set of shareholders to participate in the long-term growth and profitability that we have been delivering to our investors," said Apollo Global Management co-founder Leon Black.
- GlobeNewswire
Apollo Global Management Announces Date for Completion of Conversion to a Corporation
Apollo Global Management, LLC (APO) (together with its consolidated subsidiaries, “Apollo”) announced today that it intends to complete its previously announced conversion from a publicly traded partnership to a corporation effective September 5, 2019. In connection with Apollo’s conversion to a corporation, Leon Black, Founder, Chairman and Chief Executive Officer, Josh Harris, Co-Founder and Senior Managing Director, Marc Rowan, Co-Founder and Senior Managing Director, and several other Apollo senior executives announced their intention to set aside a portion of their equity stakes towards charitable giving. “We look forward to completing Apollo’s conversion to a corporation, which we believe will simplify our firm’s structure and enable a much broader set of shareholders to participate in the long-term growth and profitability that we have been delivering to our investors,” said Leon Black.
- TheStreet.com
Tegna Rises on Report Apollo Is Pursuing the Broadcaster
Apollo has been on a buying spree when it comes to TV stations. The private-equity firm inked a deal for a majority stake in Cox Media Group in February and hammered out another agreement with Northwest Broadcasting to scoop up 20 stations.
- Bloomberg
Apollo Jumps Into Impact Investing With Plan to Raise $1 Billion
(Bloomberg) -- Apollo Global Management LLC is planning to set up an impact investing arm, according to people with knowledge of the matter, following some of its biggest peers in targeting funds dedicated to sustainability.The New York-based firm is seeking at least $1 billion for its debut social impact fund, said the people, who requested anonymity because the matter is private. A representative for Apollo declined to comment.Alternative asset managers are starting funds devoted to meeting environmental, social and governance targets as they seek to gather a steady stream of fees and diversify offerings for investors as demand grows. KKR & Co. recently exceeded its $1 billion fundraising goal for its debut global impact fund, Bloomberg reported last week. Blackstone Group Inc. and Carlyle Group LP are also pushing into the arena and have recently hired executives to build their impact strategies.TPG’s $2 billion Rise Fund is the largest impact investing pool, though the firm is targeting at least $3 billion for its second vehicle.Apollo, led by Leon Black, had $312 billion in assets under management as of June 30, according to filings.To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.netTo contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Melissa Karsh, Josh FriedmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Moody's
Presidio Holdings Inc. -- Moody's says Presidio's ratings unaffected by proposed $2.1 billion acquisition by BC Partners
Moody's Investors Service (Moody's) said Presidio Holdings Inc.'s (Presidio) (B1 stable) definitive acquisition agreement with funds associated with BC Partners in a transaction valuing Presidio at $2.1 billion does not affect existing ratings. BC Partners will provide $800 million of equity to go along with committed debt facilities provided in an amount of up to $1.8 billion, which will be used to fund the purchase of Presidio.
- GlobeNewswire
Intrado Announces Second Annual Digital Media Client Summit
“This summit gives our team an unparalleled opportunity to spend time with clients in an intimate and interactive setting,” said Ben Chodor, President of Intrado Digital Media. “Telling Y/Our Story” includes a mix of expert-led “IntradoTalks,” interactive panel discussions and peer-to-peer networking designed to equip attendees with relevant use cases and best practices on a variety of business-impacting issues and trends in employee engagement, customer acquisition and retention, investor communications and public relations. “The Growing Importance of Measurement in Public Relations” will feature panelists in New York and London, with summit attendees in both locations able to participate in the dual-city event.
- Bloomberg
Apollo’s Plan Is to Loan, Not Own in $1.8 Billion Newspaper Deal
(Bloomberg) -- Apollo Global Management LLC co-president Jim Zelter knows what many on the Street are thinking.Why would a private-equity firm -- whose name is synonymous with acquiring struggling businesses on the cheap and turning them around for huge profits -- make a $1.8 billion loan to a company in the beleaguered newspaper industry if it didn’t expect to own it one day?When it comes to the financing of New Media Investment Group Inc.’s takeover of Gannett Co., he insists that’s not the plan. In fact, Zelter, a former banker who led the expansion of Apollo’s credit investment arm, says the rationale behind the firm’s largest-ever direct-lending commitment is simple: He believes the new company can thrive.“This was always meant to be a performing loan,” he said in a phone interview. “It’s not a distressed-for-control transaction.”Zelter -- who oversees about $200 billion of credit investments, more than double Apollo’s entire private equity portfolio -- says the transaction is a vote of confidence in New Media Chief Executive Officer Mike Reed and his track record in acquiring and managing media assets.Yet that confidence comes at a steep price for the longtime news executive, who will take control of USA Today and major metro publications such as the Arizona Republic and Detroit Free Press once the Gannett acquisition closes.The combined company will pay a 6.5% arranging fee for the five-year loan and an annual interest rate of 11.5%, according to regulatory filings. Apollo is expected to pocket the majority of the fee by funding the loan at a discount of 95 cents on the dollar, according to a person with knowledge of the matter who asked not to be named because the details are private.A spokesman for New Media declined to comment. A spokesman for Apollo declined to comment on the fee.“The merger has a lot of industrial logic,” Zelter said. “We believe Mike and his team will make the right moves in terms of being thoughtful about digital strategy and the manner they will operate the business going forward.”The loan to New Media is one of many investments Apollo has made in out-of-favor sectors in recent years. Its private equity arm has bought DVD kiosks, penny-counting machines and discount grocery stores. As with all high-risk businesses, there’s always the possibility that things won’t work out as planned.Looking at the interest rate, “you have to assume there is a lot of risk there,” Howard Marks, co-chairman of distressed-debt manager Oaktree Capital Group LLC, said in Bloomberg TV interview Thursday. “I would be surprised to learn that it’s loan-to-own, but depending on how risky the proposition is I’m sure that not getting paid and instead ending up as an owner must factor into the picture.”\--With assistance from Erik Schatzker.To contact the reporter on this story: Davide Scigliuzzo in New York at dscigliuzzo2@bloomberg.netTo contact the editors responsible for this story: Natalie Harrison at nharrison73@bloomberg.net, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
UPDATE 1-Repayment influx leaves loan managers flush with cash as US supply wanes
Billions of dollars in loan repayments are set to leave US investors flush with cash as the market continues to grapple with a low supply of new deals, and investors favor highly rated transactions, while lower-rated borrowers struggle to get loans done at their original terms. Some US$26bn in institutional loan repayments trickled back to investors throughout July, according to S&P, including paydowns from BB- rated First Data and Ba1/BBB- rated resort developer Las Vegas Sands, among other higher-rated borrowers. “These prepayments are high-quality paper, which large mutual funds, (exchange-traded funds) ETFs, and (Collateralized Loan Obligations) CLOs to a lesser extent will need to replace,” said Ryan Kohan, a leveraged loan portfolio manager at Western Asset Management.
- Zacks
Shutterfly (SFLY) Q2 Loss In Line, Margins Under Pressure
Higher segmental revenues help Shutterfly (SFLY) to record top-line growth in second-quarter 2019. However, its margins remain under pressure, which impacts results.
- Moody's
New Media Holdings II LLC -- Moody's places New Media Holdings II, LLC CFR under review for downgrade
Moody's Investors Service ("Moody's") placed New Media Holdings II, LLC's B2 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating (PDR) under review for a downgrade following its announced debt-financed acquisition of Gannett. New Media and Gannett announced their entry into a merger agreement pursuant to which New Media will acquire Gannett for a total consideration $12.06/share financed through a combination of cash and New Media common stock.
- Reuters
MOVES- Redding Ridge said to hire D’Angelo as CLO portfolio manager
NEW YORK, Aug 7 (LPC) - - Redding Ridge Asset Management has hired John D’Angelo as a Collateralized Loan Obligation (CLO) portfolio manager, according to sources. Redding Ridge, which manages both US and European CLOs, was established and seeded by Apollo Global Management in 2016 in response to Dodd-Frank risk-retention requirements, according to the firm’s website. There has been US$75bn of US CLOs raised this year through August 5 after a record US$128.1bn was issued in 2018, according to LPC Collateral data.
- Bloomberg
Apollo Takes on Wall Street With Massive Newspaper Loan Deal
(Bloomberg) -- Apollo Global Management LLC has made its most significant move yet to encroach on a corner of finance long dominated by Wall Street banks.The private equity firm has agreed to provide nearly $1.8 billion of debt financing to support New Media Investment Group Inc.’s acquisition of Gannett Co., in a deal that will bring USA Today and over 200 other publications under the same roof.The loan is the largest direct-lending commitment ever undertaken by Apollo and one of the biggest ever arranged outside of Wall Street to finance a corporate takeover, according to a person familiar with the matter who asked not to be named because the details are private.New Media also had bank financing available for the acquisition, but the debt provided by Apollo ended up being more attractive, another person said. Structured as a five-year senior secured term loan paying an interest rate of 11.5%, the loan would make Apollo the combined company’s only major creditor.The deal underscores the inroads private equity firms and other direct lenders are making in originating corporate loans, often in competition with traditional investment banks. Apollo has the largest credit-investing business among its private equity rivals, with around $200 billion under management as of the end of June.Transactions of this size are typically financed in the broadly-syndicated loan market, where groups of banks arrange deals and distribute them to institutional investors. But direct lenders have become an attractive alternative for companies seeking to secure financing quickly, especially during times of increased volatility in public markets, even though they often charge higher interest rates.Unitranche loans like Apollo’s, which meld first-priority and subordinated claims into one, have grown in size and popularity in recent years, as investors such as pension funds and insurance companies pour hundreds of billions of dollars into private debt funds. They are attractive for lenders because they don’t divide creditors into different classes, making any negotiations with the company -- and restructurings -- easier.Proceeds from the Apollo loan, which can be prepaid with no penalty, will be used to fund the cash component of the purchase price as well as to repay New Media and Gannett’s existing debt, the companies said in a statement.Total debt at closing will be equivalent to 3.5 times a measure of earnings for the combined company. Management said it expects to achieve $275 million to $300 million of annual costs savings, which would bring that ratio to around 2.3 times. Executives expect to realize the vast majority of those savings within two years of closing.(Updates with scope of committment in third paragraph and details of loan starting in fourth paragraph)To contact the reporters on this story: Davide Scigliuzzo in New York at dscigliuzzo2@bloomberg.net;Nabila Ahmed in New York at nahmed54@bloomberg.netTo contact the editors responsible for this story: Natalie Harrison at nharrison73@bloomberg.net, Dawn McCarty, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Motley Fool
Chuck E. Cheese Abruptly Cancels a $1.4 Billion Deal to Go Public
A high valuation and worsening industry trends may have played into the decision.
