|Bid||44.28 x 1100|
|Ask||44.29 x 1000|
|Day's Range||43.68 - 44.51|
|52 Week Range||22.63 - 45.28|
|Beta (5Y Monthly)||1.49|
|PE Ratio (TTM)||21.36|
|Earnings Date||Jan 29, 2020 - Feb 3, 2020|
|Forward Dividend & Yield||2.00 (4.50%)|
|1y Target Est||48.00|
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.
(Bloomberg) -- Sachin Khajuria, a former partner at Apollo Global Management Inc., said wagering on buyout debt has helped him generate higher returns at the firm he started more than two years ago.“In January, we talked about how buyout debt and pockets of turbulence in the markets allowed us to take advantage” of a shaky fourth quarter, which snapped back at the beginning of 2019, Khajuria said Thursday in a Bloomberg Television interview. He previously said that the debt, which finances buyouts for the largest private equity firms, was one of the best opportunities for returns in public markets.Khajuria founded Achilles Management LP after leaving Apollo in 2017. The family office is up 28% this year and has generated a roughly 97% return since its founding, according to a person familiar with the matter.In the interview, Khajuria also said he’s benefited from bets on “listed alternatives” -- a group that includes private equity stocks, which have been on a tear this year. “They’re really growing, and they’re paying strong yields,” he said.Buyout firms such as Blackstone Group Inc. and Apollo are surging this year, benefiting from corporate structure changes and the industry’s capital-raising boom.Khajuria also predicted trouble ahead for certain assets in credit markets.“The credits that have run up a lot will go into trouble because they’ve just been lifted by a rising tide of liquidity,” he said. “But if you look at individual names, individual credits, then you will see pockets of opportunity. It’s really uncharted territory how they will perform when the downturn does happen.”\--With assistance from Vonnie Quinn and Guy Johnson.To contact the reporter on this story: Sonali Basak in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, Melissa Karsh, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Apollo Global Management, Inc. (together with its consolidated subsidiaries, “Apollo”) (APO); Athene Holding Ltd. (together with its consolidated subsidiaries, “Athene”) (ATH); and GE Capital, the financial services arm of GE (GE), today announced they have closed their previously announced transaction for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GECAS, GE Capital’s Aviation Services unit. In connection with this transaction, Apollo has acquired the PK AirFinance aircraft lending platform and Athene has acquired PK AirFinance’s existing portfolio of loans.
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.
(Bloomberg) -- Apollo Global Management Inc. has offered to buy Tenneco Inc.’s powertrain business for $4.3 billion, according to people familiar with the matter.The private equity firm’s bid, described by people who asked not to be identified because the matter isn’t public, represents a significant sum relative to the $7 billion enterprise value of the auto-parts maker. The Lake Forest, Illinois-based company’s stock had slumped 52% this year through Monday’s close as earnings have slumped.Tenneco shares rose 7.8% to close at $14.28 on Tuesday, the highest since Nov. 12, after the Wall Street Journal first reported Apollo’s bid. The Journal said Tenneco is likely to reject Apollo’s offer because it includes several adjustments and doesn’t assume pension and other liabilities linked to the powertrain unit.Apollo declined to comment. A spokesman for Tenneco didn’t immediately respond to requests for comment.Tenneco has cut its forecast for revenue three times this year and its projection for adjusted Ebitda twice. The maker of shocks, struts and mufflers has been struggling to follow through with plans to separate its powertrain unit from its aftermarket and ride-performance business, a spinoff the company announced when it acquired Carl Icahn-owned Federal-Mogul in April 2018 for $5.4 billion.(Updates with enterprise value in second paragraph and closing share price in third paragraph)To contact the reporters on this story: Siddharth Philip in London at firstname.lastname@example.org;Kiel Porter in Chicago at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, ;Liana Baker at email@example.com, Craig Trudell, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK, Dec. 09, 2019 -- Apollo Global Management, Inc. (NYSE: APO) (“AGM”, and together with its consolidated subsidiaries, “Apollo”) today announced that its indirect.
We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]
NEW YORK, Dec. 05, 2019 -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced the appointment of Tetsuji Okamoto.
Moody's Investors Service ("Moody's") today assigned a B2 corporate family rating (CFR) and a B2-PD probability of default rating (PDR) to Terrier Media Buyer, Inc., doing business as Cox Media Group (CMG or the company). Concurrently, Moody's assigned a Ba3 rating to the company's senior secured credit facility, which consists of a $325 million revolver (due 2024) and a $1.875 billion term loan (due 2026), and a Caa1 rating to the company's $1.165 billion senior unsecured notes (due 2027). CMG was created when Terrier Media Buyer, Inc. (OpCo), an affiliate of investment funds managed by Apollo Global Management, LLC (Apollo), in connection with the agreement to acquire Cox Enterprises, Inc.'s (Cox, Baa2 stable) television and radio broadcasting businesses as well as Northwest Broadcasting's television business (Northwest) for around $3.9 billion.
Black Friday Turns Grety as Brick & Mortar Falls to Online Shopping More online sales were logged on Black Friday than at brick and mortar retailers according to preliminary data, though the day was still the busiest shopping day of the year. Store traffic on Thanksgiving evening itself though grew, which itself hurts Black Friday […]The post Market Morning: Grey Friday, Impossible Whopper Lawsuit, Apollo Wins Tech Data appeared first on Market Exclusive.
Berkshire did not respond to requests for comment. Apollo Global Management Inc agreed on Wednesday to pay $145 per share for Tech Data, sweetening its original $130 per share bid after a public company made a better offer. Citing Buffett, CNBC said that company was Berkshire, which offered $140 per share last week, and did not intend to go higher.
(Bloomberg) -- Warren Buffett has frequently touted his Berkshire Hathaway Inc. as a home for businesses away from what he said was the debt-fueled, quick-turnover appetite of private equity firms. But the Berkshire name wasn’t enough for Tech Data Corp.Berkshire made a $140-a-share bid for the distributor of technology products that was topped by a $145 offer from Apollo Global Management Inc., CNBC reported. The offer was another effort by the billionaire investor to put a chunk of his record $128 billion cash pile to use and signals that while Buffett is still on the prowl, he may not be willing to outbid private equity firms flush with money.Buffett has been stymied on the acquisition front in recent years, causing the billionaire investor to express frustration about the “sky-high” prices for decent businesses. He said earlier this year that he was working on a large deal in the fourth quarter of 2018 but it eventually fell through. The lack of deals has also pressured Buffett’s ability to maintain the stock returns that helped make him famous. Berkshire’s stock is on track for its worst underperformance since 2009.Berkshire’s interest forced Apollo to raise its bid to one that values Tech Data at about $6 billion, including debt. Tech Data helps bring products to market for firms such as Microsoft Corp. and Apple Inc., which is Berkshire’s largest public stock investment as it has a roughly $56 billion stake in the iPhone maker.“He’s just not going to throw the money out and earn a rate of return below what his minimum target is,” David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. “He is Buffett because he’s patient.”Auction ProcessThe biggest private-equity firms are on a tear. Apollo’s Leon Black said earlier this month that the firm is on track to almost double its assets under management to $600 billion in five years. Apollo’s higher bid, announced Wednesday after the market closed, sent shares of Tech Data surging 12% to close at $144.89 Friday in New York trading.Tech Data, which was using Bank of America Corp. as its financial adviser, was engaged in a “go-shop” process. Buffett has typically avoided auctions where sellers seek the most money they can get, calling them a waste of time and a situation where he can’t win.A Tech Data buyout by Berkshire would have pushed the Omaha, Nebraska-based conglomerate further into the technology realm, an area that Buffett avoided for decades. It also would have added another family-built business to Berkshire’s mix of retailers, insurers and energy companies. Edward Raymund founded the company and his son Steven Raymund ran the firm for about two decades before becoming chairman. Steven Raymund stepped down in 2017.A potential acquisition by Berkshire would have just been a drop in the bucket for Buffett’s firm. The transaction value of $6 billion is just 4.7% of Buffett’s total cash pile.For Berkshire, the Tech Data saga likely ends here. Buffett isn’t planning to make a higher bid, according to CNBC. His appetite for a large buyout may continue.“We continue, nevertheless, to hope for an elephant-sized acquisition,” Buffett said in his annual shareholder letter released earlier this year.(Updates shares in sixth paragraph)\--With assistance from Amy Thomson.To contact the reporter on this story: Katherine Chiglinsky in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Michael J. Moore, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Warren Buffett will have to keep looking for a big buyout after Tech Data agreed to be bought by Apollo Global Management, outbidding Berkshire Hathaway.
A bid to buy the company for $140 a share came from none other than Buffett’s Berkshire Hathaway, according to CNBC. Apollo won out with a $145-per-share offer.
Tech Data shares surge Friday after the technology distribution company agreed to an improved $6 billion takeover from private equity group Apollo Global Management.
Tech Data shareholders will now receive $145 per share in cash, up from $130 per share, representing a premium of 12.4% to the stock's closing price on Nov. 27. Tech Data had said it would solicit alternative acquisition proposals from third-parties during a "go-shop" period until Dec. 9 as part of the deal agreement. The technology equipment distribution sector has attracted strong private equity interest in the last year.
Apollo Global Management, Inc. (APO) (together with its consolidated subsidiaries, “Apollo”), announced today that Leon Black, Chairman and Chief Executive Officer, will present at the Goldman Sachs Financial Services Conference in New York on Wednesday, December 11, 2019 at 12:30 p.m. EST.
(Bloomberg Opinion) -- Local news is in steep decline. A recent report from Pen America finds that the U.S. has lost more than 1,800 newspapers since 2004. The consequences include a decline in civic engagement and an increase in corruption. The report mentions how government officials in Bell, California, a city without a newspaper, were able to get rid of caps on their salaries and loot the public treasury.The report offers recommendations for philanthropists, tech companies, news outlets, governments and consumers who want to reverse the trend. But it cautions that there is no panacea. One of its ideas, though, may inadvertently move in the wrong direction.Pen America’s first suggestion for the government is that the Federal Communications Commission “restore pre-2017 regulations governing the ownership of TV stations, radio stations, and newspapers to prevent further consolidation and homogenization in local news media.” This move could backfire – and in one recent case, it already has backfired.Under its deregulation-minded commissioner Ajit Pai, the FCC in 2017 ended its restrictions on cross-ownership of broadcast outlets and newspapers in the same locality. In September, two judges in the Third Circuit Court of Appeals struck down the FCC’s rules changes on the ground that the commission “did not adequately consider the effect its sweeping rule changes will have on ownership of broadcast media by women and racial minorities.”That decision put a pending media deal on hold. Apollo Global Management Inc., a private-equity firm, recently formed Terrier Media to purchase media properties from Cox Enterprises Inc. and Northwest Broadcasting Inc. The new company would own 25 full-power TV stations covering roughly 13% of households with televisions.The Justice Department gave a go-ahead to the deal this spring. Since the deal complied with the FCC’s new ownership rules, it seemed to be only a matter of time before it could be consummated. Then came the September court decision, which goes into effect today. The rationale of the decision did not apply to the deal: Even opponents of the deal, such as Common Cause, have not alleged that it would reduce media ownership by women or racial minorities. Rather, the deal simply didn’t comply with the pre-2017 rules. In Ohio, for example, Cox owns three newspapers in places it also owns TV broadcasters. The FCC’s rules, both before and after 2017, allow this cross-ownership. But the old rules, coming back into effect, forbid the transfer of these properties to a new cross-owner.The FCC is appealing the court decision, but instead of waiting, Terrier decided to change the terms of the deal to fit the old rules. Among the changes: Terrier said it was willing to change the publication schedule for the three newspapers so that they would appear in print only three times a week.On Nov. 22, the FCC approved the deal on certain conditions - including that the publication frequency of those three newspapers be reduced. A spokesperson for Terrier Media says, “The new company does not want to scale back local daily news coverage but will do so if that’s what is required by the Third Circuit ruling.”It’s hard to see how this forced modification of the company’s plans serves the public interest.Jan Rybnicek, a senior fellow at George Mason University’s Global Antitrust Institute, told me, “The media ownership rules are fairly outdated.” They were established in 1975, he said, “when newspaper and television were the only outlets. Now there are more alternatives and many newspapers are struggling.”Pai, the FCC chairman, had this kind of scenario in mind when he pushed to relax the rules. Defending the action in the New York Times in 2017, he wrote, “There’s ample evidence that the cross-ownership rule has led to less local reporting … a company that owns both a newspaper and broadcast outlet is able to gather the news and distribute it more cost-effectively across its multiple platforms.”It may not be possible to bring local news back to its former health, and how to revive it is not clear. But government regulation doesn’t have to contribute to the problem.To contact the author of this story: Ramesh Ponnuru at firstname.lastname@example.orgTo contact the editor responsible for this story: Tobin Harshaw at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ramesh Ponnuru is a Bloomberg Opinion columnist. He is a senior editor at National Review, visiting fellow at the American Enterprise Institute and contributor to CBS News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.