|Bid||0.00 x 900|
|Ask||48.75 x 900|
|Day's Range||45.73 - 46.92|
|52 Week Range||27.69 - 52.67|
|Beta (5Y Monthly)||1.67|
|PE Ratio (TTM)||12.52|
|Earnings Date||Apr 29, 2020 - May 03, 2020|
|Forward Dividend & Yield||3.56 (7.79%)|
|Ex-Dividend Date||Feb 09, 2020|
|1y Target Est||53.23|
By John Jannarone One of Michael Milken’s top lieutenants who was a central player and informant in the 1980s insider trading scandal said he has “nothing but the greatest respect” for Mr. Milken after his pardon from President Donald Trump this week. “It is what it is,” Dennis Levine, a former Managing Director at defunct […]
(Bloomberg) -- Apollo Global Management Inc. is finding that its business buying leveraged loans and bundling them into bonds has grown so big, it’s getting harder to grow much larger.Instead it’s seeding new, smaller players that put together the securities known as collateralized loan obligations, according to people with knowledge of the matter. Along with an affiliate, it has helped start Gulf Stream Asset Management and another yet-to-be disclosed new CLO firm.Apollo is talking to portfolio managers looking to launch their own firms, and has already given term sheets to five potential startups that may turn into investments, the people said, asking not to be named discussing private transactions. The firm is looking to get around a problem for the biggest asset managers: the Wall Street dealers that sell loans to CLOs are reluctant to offload too many loans to one firm. Apollo also views seeding new managers as an attractive business, the people said.The great CLO gold rush has been on since the middle of this decade, as the size of the market has more than doubled since 2010 to around $670 billion. Established portfolio managers are quitting their big firms to set up their own shops. Hedge funds are acquiring startups to get into the business. Investors that stayed out of the business for years are starting to jump in.They’re after the stable fee income they can get from buying loans made to junk-rated companies and packaging them into bonds that, through the alchemy of securitization, can carry ratings as high as AAA. Fees can equal around 0.35% of a fund’s assets, plus bonuses for performance, and investors often consent to keep their money tied up in CLOs for six or seven years.Growing CreditMeanwhile firms like Apollo that have been in the CLO business for years are running into size limitations: Wall Street dealers often prefer to spread the debt among multiple fund managers. That helps ensure there are enough parties that can later trade the loans among themselves, a step that two CLOs at the same firm often won’t do. A CLO management firm that’s too big might have trouble getting enough loans to build its products.Apollo’s credit business has mushroomed, to $208 billion of assets under management as of the end of September, up from $28 billion in 2011 and dwarfing its $78 billion of private equity funds. It has multiple credit funds that buy CLO securities themselves, and seeding managers makes it easier for those funds to find bonds to buy, the people said.When an established asset manager invests in a startup, it could get somewhere between about 5% to 20% of the new firm’s fee revenue, according to one of the people.Gulf StreamTo get Gulf Stream up and running, Apollo is working with Redding Ridge Asset Management, an independent firm created by Apollo that is closely affiliated. Redding Ridge is providing Gulf Stream with a multi-million dollar credit line for daily business, and is offering processing and risk management services, the people said. For Gulf Stream’s first few deals, Apollo is investing in a sort of credit line, known as a warehouse, that CLOs use to finance loans they buy before bundling them into bonds, the people said. It is also buying bonds and equity in those initial CLOs.An earlier incarnation of Gulf Stream has worked with Apollo before. In 2011, the private equity firm bought the CLO manager, an established player in the industry, and absorbed it. The founder of that firm, Mark Mahoney, joined Apollo, and then retired. He has now started up a new CLO firm with the same name as his prior company, with Apollo’s assistance.To contact the reporter on this story: Lisa Lee in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Natalie Harrison at email@example.com, Dan WilchinsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Net inflow of foreign direct investments to Slovenia totalled 0.8 billion euros ($868 million) in 2019 compared to some 1.2 billion a year before, the Bank of Slovenia said in a report on Thursday. Slovenian investments abroad increased by only 126 million euros last year, compared to 227 million euros a year before. The export-oriented 46-billion-euro economy hopes to attract more foreign investment in the coming years to increase economic growth and competitiveness.
Moody's Investors Service ("Moody's") today assigned a B1 rating to LifePoint Health, Inc.'s ("LifePoint") new senior secured notes. There is no impact on any of LifePoint's existing ratings, including the B2 corporate family rating, B1 senior secured rating, and Caa1 senior unsecured rating, or the stable outlook.
AMSTERDAM, Netherlands and NEW YORK, Feb. 06, 2020 -- Funds managed by affiliates of Apollo Global Management, Inc. (together with its consolidated subsidiaries, "Apollo").
Mr. Robertson is an expert in the safety industry and was formerly the SVP and General Manager of Public Safety at RapidSOS, responsible for leading public safety strategies. Prior to joining RapidSOS, he was the Chief Executive Officer of Airbus DS Communications, a leading provider of command center software for emergency call-handling. Mr. Robertson has held leadership roles for 9-1-1 solutions and software consulting firms and was the founder of the 9-1-1 Industry Alliance.
LONDON/FRANKFURT, Feb 5 (Reuters) - China's HNA Group is resuming efforts to find a buyer for airport luggage handler Swissport despite facing a loss of several hundred million dollars on its initial $2.8 billion investment, four sources familiar with the matter told Reuters. The Chinese conglomerate has rekindled talks with several heavyweight investment funds as it needs to raise cash to cut its debts, the sources said. Rothschild is helping HNA identify prospective bidders, who are hoping to buy the Zurich-based business on the cheap after previous attempts to sell it stalled last year, the sources said, speaking on condition of anonymity because the process is not public.
(Bloomberg) -- U.S. buyout firm Apollo Global Management Inc. is nearing a deal to buy closely-held drugmaker Covis Pharma Holdings Sarl from rival private-equity firm Cerberus Capital Management for more than $700 million, according to people familiar with the matter.Talks are at an advanced stage and the deal could be announced as soon as this week, the people said, asking not to be identified because the matter is private. Apollo, led by billionaire Leon Black, has emerged as the buyer for Covis Pharma ahead of bidders including other private equity firms, the people said.A representative for Cerberus declined to comment, while a representative for Apollo didn’t immediately respond to requests for comment.Cerberus has been seeking a buyer for Covis Pharma, a specialty pharmaceutical company with products targeting respiratory, allergy, cardiovascular, gastroenterology and central nervous system diseases, Bloomberg News first reported in October. Covis Pharma has its headquarters in Baarn, the Netherlands.Cerberus built Covis Pharma since 2011 through a series of acquisitions and asset disposals. In 2015, it sold a portfolio of products to Concordia Healthcare Corp., now named Advanz Pharma Corp, for $1.2 billion.Founded in 1992, Cerberus has more than $40 billion in assets across credit, private equity and real estate, according to its website.Apollo saw its shares tumble in January after it said its net realized performance fees this year may be in line with 2019 levels in part because the firm closed on asset sales earlier than expected. Yet as asset prices rise it has become more difficult for buyout firms to put their money to work. Dry powder, or uncommitted capital, at Apollo stood at $46.4 billion, the company said last month.To contact the reporter on this story: Manuel Baigorri in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Fion Li at email@example.com, Tony JordanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Cowen Inc.’s sustainable investment unit agreed to buy a minority stake in ecoATM, a kiosk operator that resells mobile phones, for $200 million.Cowen Sustainable Advisors is purchasing the stake from funds managed by Apollo Global Management Inc., according to a company statement. Apollo will remain the majority owner of ecoATM, and its chief executive officer, Dave Maquera, will continue to run the company.EcoATM operates more than 4,300 automated kiosks in retail locations in the U.S. and Europe where customers can sell their mobile phones for cash. Those devices are then reused by consumers globally, according to the statement. EcoATM generates revenue by reselling the old phones to wholesalers, certified recyclers and retail customers through its website and other online marketplaces.“The mobile phone industry hasn't been paying attention to the waste they cause,” Maquera said in a telephone interview. “Instead of waiting for industries to do something, individual consumers are empowered to make an impact instead.” About 60 million mobile phones are discarded in the U.S. every year without being reused or recycled, New York-based Cowen said in the statement. EcoATM plans to expand in Europe, develop new technologies and channels to encourage customers to sell their old devices in a bid to protect the planet from the harmful impacts of e-waste and smartphone manufacturing, Cowen said.“EcoATM has a significant economic, environmental and social value proposition given that it extends the useful lives of mobile phones while creating affordable mobile access for the growing world population,” said Ewa Kozicz, who co-runs Cowen Sustainable Advisors. “By enabling phone reuse and reducing manufacture of new phones, we believe that the Company can prevent the generation of substantial amounts of greenhouse gas emissions each year.”Kozicz, who runs Cowen’s sustainable group with Vusal Najafov, will join ecoATM’s board. The transaction is expected to close later this month.Apollo bought ecoATM in 2016, and by investing in technology and distribution, ecoATM has more doubled the number of phones it sells annually to about 6.5 million, according to Apollo Partner Reed Rayman.“Most of our day job is investing in very large, mature businesses, but we identified ecoATM as a company with a lot of growth potential and alignment with our ESG goals,” Rayman said.(Adds comments from Apollo Partner Reed Rayman at end of story)To contact the author of this story: Saijel Kishan in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Tim Quinson at email@example.comFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Investors expect to plough billions of pounds into UK commercial real estate this year, citing some long-awaited Brexit clarity after last week's departure from the European Union. Real estate investment foundered after Britain's vote to leave the EU 3-1/2 years ago, hit by uncertainty over the move and its potential impact on the economy.
(Bloomberg) -- Leon Black is proving once again he’s not someone to cross.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.The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. And it’s further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart.The latest suit, filed Friday, is against Stephen Cernich and Huan Tseng, formerly of Athene, an insurer that’s become Apollo’s cash cow. In Friday’s lawsuit, Apollo claims that they “substantially” assisted and actively hid fraud and misconduct by Ming Dang and Siddiqui.Siddiqui left Apollo in mid-2017 to start Caldera Holdings, apotential competitor. Cernich and Tseng helped him and Dang conceal their involvement in Caldera in numerous ways, Apollo said, such as scrubbing traces of them from documents and using alternative email accounts.Apollo says in the lawsuit that Cernich and Tseng knew Siddiqui and Dang were using confidential information for the benefit of Caldera, approaching investors to put their money into Caldera and competing for acquisition targets.While Apollo won a $1.2 million arbitration award against Dang and Siddiqui, who denied the allegations, in April 2019, Black’s firm is going after the men he thinks helped them out.Read More: Apollo Global Wins $1.2 Million Award Against Ex-Employees“Apollo’s latest is part of the same tired anti-competitive playbook it has used for years to effectively manipulate the market -- acts for which it should be held to account,” Lisa Solbakken, a lawyer for Cernich, said in an email. “Mr. Cernich will be vindicated by Apollo’s own documents and witnesses.”Tseng couldn’t be reached for comment.Apollo established Athene in 2009 and built it into one of the top fixed-annuity providers in the U.S. In 2016, the insurer raised $1.08 billion in an initial public offering.Athene has become an essential fixture in Apollo’s financial apparatus. It has also made Apollo the envy of private equity rivals, who have since tried to build up their own insurance businesses.Siddiqui, an architect of Athene, struck out on his own in mid-2017 with some of its staff and sought to raise money. Apollo sued Siddiqui soon after, saying he had violated noncompete agreements. The two parties settled.In June 2018, Apollo sued Siddiqui again, for allegedly stealing trade secrets. One month later, Siddiqui countersued, accusing Apollo and Athene of colluding to harm his new business.The case is Apollo Global Management Inc. v. Cernich, 20-cv-864, U.S. District Court, Southern District of New York (Manhattan).(Adds more from lawsuit starting in third paragraph)To contact the reporter on this story: Chris Dolmetsch in Federal Court in Manhattan at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Alan Mirabella, Peter JeffreyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Nirma Ltd. is considering partnering with either Apollo Global Management Inc. or Bain Capital to bid for the cement unit of Indian conglomerate Emami Group, according to people with knowledge of the matter.Nuvoco Vistas Corp. a cement unit of detergent maker of Nirma, has held separate discussions with the private equity firms for a potential offer for Emami Cement, said the people, who asked not to be identified as the information isn’t public.Nuvoco is among the bidders for Emami Cement, which has picked Arpwood Capital Ltd. and Credit Suisse Group AG to manage the sale of the unit as Bloomberg News previously reported. The company is seeking a valuation of about $1 billion, people familiar with the matter have said.Emami Cement runs three manufacturing plants in India and is setting up another one in Kalinganagar, Odisha, according to its website. The company has more than 50 branches across the country, its website shows.R.S. Agarwal and R.S. Goenka, who own Emami Group, are joining tycoons including Anil Ambani and Subhash Chandra in selling assets to pare debt as a cash crunch in Indian markets has increased funding costs.Deliberations are ongoing with Nuvoco still exploring options for its bid, the people said. The companies could also decide against an offer, they said. A spokesman for AION Capital Partners, a private equity fund jointly owned by Apollo Global Management and ICICI Venture Funds Management, declined to comment, while representatives for Bain, Emami and Nuvoco also declined to comment.To contact the reporters on this story: Baiju Kalesh in Mumbai at firstname.lastname@example.org;Anto Antony in Mumbai at email@example.com;P R Sanjai in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Fion Li at email@example.com, ;Arijit Ghosh at firstname.lastname@example.org, ;Sam Nagarajan at email@example.com, Katrina NicholasFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
U.S. private equity firm KKR & Co Inc said on Friday fourth-quarter after-tax distributable earnings fell 18%, owing to a decline in asset sales from its private equity business and lower transaction fee income in its capital markets unit. KKR said after-tax distributable earnings (DE) - the cash available for paying dividends to shareholders - fell to $375.1 million compared with $460 million a year earlier. On Thursday, KKR peers Blackstone Group Inc and Apolllo Global Management Inc also reported fourth-quarter earnings that outperformed most analyst estimates.
(Bloomberg) -- Apollo Global Management Inc. fell the most in more than two years after executives said net realized performance fees this year may be in line with 2019 levels in part because the firm closed on asset sales earlier than expected.The shares tumbled as much as 9.1%, the biggest intraday drop since November 2017. They traded at $47.14 at 12:05 p.m. in New York, down 7.9%. Rivals Blackstone Group Inc. and KKR & Co. were down roughly 2%. Margins should also be similar to last year, executives said on the company’s fourth-quarter conference call.The comments came after the firm reported earnings that exceeded estimates. Private equity firms are raking in record sums as yield-starved investors seek to bolster returns. Apollo took in $10.5 billion in capital during the period, bringing fundraising for the year to $64 billion, according to a statement Thursday.Apollo, led by billionaire Leon Black, managed to benefit from asset sales during a period of high valuations. The New York-based company returned $5.5 billion to investors in the quarter, more than double the year-earlier period. The increase was driven in part by the sale of digital infrastructure company Presidio Inc. for $2.2 billion.Yet as asset prices rise it has become more difficult for buyout firms to put their money to work. Dry powder, or uncommitted capital, at Apollo stood at $46.4 billion, the company said.The stock almost doubled last year as the company switched from a partnership to a corporation.Here are some additional earnings results:Total assets under management climbed to $331 billion driven by $10.5 billion of inflows during the quarter, primarily from growth of Athene and across the credit platform.Distributable earnings rose to $1.10 cents a share, beating the average analyst estimate of 73 cents.Apollo’s private equity portfolio appreciated 4% in the quarter and 16% for the year.Credit strategies took in $40 billion of fee-generating capital during the year.(Updates shares in first two paragraphs)To contact the reporter on this story: Sabrina Willmer in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Mamudi at email@example.com, Alan MirabellaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Apollo Global Management, Inc. (APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the fourth quarter and full year ended December 31, 2019. “Our results for the fourth quarter of 2019 capped another exceptional year for Apollo, driven by strong investment performance across our integrated global platform,” said Leon Black, Chairman and Chief Executive Officer. Apollo issued a full detailed presentation of its fourth quarter and full year ended December 31, 2019 results, which can be viewed through the Stockholders section of Apollo’s website at http://www.apollo.com/stockholders.
Textbook publishers Cengage Learning Holdings and McGraw-Hill Education, who announced last year that they would merge, have extended their merger agreement to May 1, the companies said on Wednesday, as some countries are still reviewing the deal. The proposed merger, which was announced in May 2019, had been set to expire on Feb. 1.