|Bid||27.33 x 900|
|Ask||0.00 x 900|
|Day's Range||27.30 - 27.47|
|52 Week Range||15.33 - 27.93|
|Beta (5Y Monthly)||1.63|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||1.59 (5.83%)|
|Ex-Dividend Date||Aug 28, 2020|
|1y Target Est||N/A|
Investment to Help Fund Major Offshore Wind Facility in MarylandNEW YORK, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced that certain funds managed by its affiliates (“Apollo Funds”) have made a structured investment in US Wind Inc. (“US Wind”), an offshore wind energy development company. Apollo Funds have committed to invest through convertible debt and equity up to $265 million to acquire an equity stake in US Wind and fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland. Baltimore, Maryland-based US Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management (“BOEM”) lease of approximately 80,000 acres located ten to thirty miles off the state’s coast, an area that is sufficient to install an estimated 1.3 GW of renewable power generation. The first phase of the project will have a capacity of 270 MW, enough to power more than 75,000 Maryland homes. US Wind plans to sell electricity and Offshore Wind Renewable Energy Credits under the Maryland Offshore Wind Energy Act of 2013, and the project is poised to be a key contributor of renewable energy required under Maryland’s Renewable Portfolio Standard. Anticipated to come online in early 2024, the project has a 25+ year useful life and is expected to create thousands of jobs. Geoffrey Strong, Senior Partner and Co-Head of Infrastructure and Natural Resources at Apollo, said, “US Wind is a premier developer at the forefront of an offshore wind energy industry that is rapidly expanding in both the US and abroad, as interests coalesce around clean energy. For Apollo, this is an exciting partnership that leverages our track record in renewable energy infrastructure investments and underlines the Firm’s strong commitment to sustainability.” “We believe our strategic partnership with Apollo will create significant value for US Wind and the state of Maryland in advancing development of our offshore wind projects,” said Riccardo Toto, President of US Wind. “Apollo is a creative and dynamic partner, with global expertise, and together we believe we can make a positive impact on the energy transition in the United States.”Brad Fierstein, Principal at Apollo, added, “We are pleased to work with Riccardo and the entire US Wind team to advance this important project to meet Maryland’s renewable energy goals, while creating high-quality jobs and driving significant local investment in the Baltimore area.”The US Wind investment extends Apollo’s 30-year track record in which Apollo-managed funds have invested more than $20 billion in infrastructure-related opportunities across its platform. Apollo’s infrastructure business, which is currently investing out of its second dedicated infrastructure fund, focuses primarily on opportunities in power and renewables, communications, midstream energy and transportation. The Apollo infrastructure platform is led by Senior Partners Dylan Foo and Geoffrey Strong.About Apollo Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $414 billion as of June 30, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.About US Wind US Wind was founded in 2011 and has established its position as a premier offshore wind energy development company in the United States. In 2014, US Wind obtained a federal lease for site control to develop up to 1.3 GW of offshore wind power generation off the coast of Maryland. US Wind is majority owned by Renexia SpA, a leader in renewable energy development in Italy and a subsidiary of Toto Holding SpA. Toto Holding SpA has more than 40 years of experience specializing in large construction and infrastructure projects, primarily in the energy, transportation, and aviation sectors.Contact InformationFor investors please contact:Gary M. Stein Head of Investor Relations Apollo Global Management, Inc. (212) 822-0467 firstname.lastname@example.orgAnn Dai Investor Relations Manager Apollo Global Management, Inc. (212) 822-0678 email@example.comFor media inquiries please contact:Joanna Rose Global Head of Corporate Communications Apollo Global Management, Inc. (212) 822-0491 firstname.lastname@example.org
FHI vs. APO: Which Stock Is the Better Value Option?
(Bloomberg) -- Cloud-service provider Rackspace Technology Inc. suffered the worst U.S. trading debut of the year while BigCommerce Holdings Inc. scored the best as the once-rebounding IPO market turns decidedly mixed.Rackspace, which was taken private in 2016 by Apollo Global Management Inc., closed its first day back as a public company Wednesday down 22% after raising $704 million in an initial public offering that was already priced at the bottom of the marketed range. That was the worst first-day performance on a U.S. exchange this year for a company raising at least $100 million, according to data compiled by Bloomberg.BigCommerce, meanwhile, priced its IPO above a marketed range that had already been elevated earlier to raise $216 million. The e-commerce software company doubled from its offer price for the best debut of the year, the data show.Adding to questions over which way the IPO market is headed, online mortgage lender Rocket Companies Inc. is slashing what was intended to be the year’s second-biggest U.S. IPO by more than a third to about $2 billion, according to people familiar with the matter who asked not to be identified because the matter wasn’t public. Rocket, which operates Quicken Loans and Rocket Mortgage, is set to price its shares later Wednesday.Despite the coronavirus pandemic, companies have raised about $62 billion through first-time share sales on U.S. exchanges this year, compared with $50 billion for the same period in 2019, the data show. That includes a record amount for so-called blank-check companies -- $24 billion, almost double the volume for all of 2019. The year’s largest listing was the $4 billion offering by a special purpose acquisition company, or SPAC, backed by billionaire Bill Ackman’s Pershing Square Capital Management.Now as the pandemic deepens across much of the U.S., what had been a hard-charging market may be getting winded. Since mid-March, only one major listing -- supermarket chain Albertsons Cos. -- has priced below its marketed range, according to the data compiled by Bloomberg.Value DipRackspace, based in San Antonio, closed its first day with a market value of $3.26 billion. Including debt, cash and other considerations, the company had an enterprise value of $7.6 billion, people familiar with the matter said before Wednesday’s trading. When Apollo acquired it in 2016, the company was valued at $4.3 billion including debt at the time.Rackspace designs and operates its customers’ cloud platforms. It has more than 120,000 customers across 120 countries and about 6,800 employees, which the company calls “Rackers.”Chief Executive Officer Kevin Jones said in an interview that one of the biggest changes since Apollo acquired Rackspace is that it no longer competes with Amazon Web Services, Microsoft Corp. and Alphabet Inc.’s Google.“Now they’re our biggest partner,” Jones said. “We look at them as our sales team and research and development team.”Jones said he was pleased with how the IPO process has gone, saying innovation in the technology industry is what’s driving valuation.Investors buying Rackspace shares include BlackRock Inc., Fidelity and Norges Bank Investment Management, according to a person with knowledge of the matter. Representatives for BlackRock, Fidelity and Norges Bank declined to comment.Apollo ControlApollo will retain 65.1% of the voting power in Rackspace after the listing, the filings show.BigCommerce, based in Austin, Texas, sold 9 million shares Tuesday for $24 each after marketing them for $21 to $23. The goals for the offering had been elevated earlier from 6.85 million shares at $18 to $20, according to filings with the U.S. Securities and Exchange Commission. It closed Wednesday with a market value of $4.76 billion.Its software allows companies to manage their online sales through marketplaces such as Amazon.com Inc. and social media platforms including Instagram shopping. Its customers are mainly in fashion, health and beauty, food and beverage, manufacturing and automotive.Chairman and CEO Brent Bellm said in an interview that e-commerce has accelerated by 10 years in three months because of the pandemic. Commenting on the firm’s larger rival, Shopify Inc., Bellm said the market is so large that there’s a need for two winners.BigCommerce’s IPO was led by Morgan Stanley, Barclays Plc, Jefferies Financial Group Inc. and KeyBanc Capital Markets Inc. Its shares are trading on the Nasdaq Global Market under the symbol BIGC.Rackspace’s offering was led by Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co. Apollo Global Securities, an affiliate of the private equity firm that backs Rackspace, was also an underwriter. Rackspace’s shares are trading on the Nasdaq Global Select Market under the symbol RXT.For 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.