We are excited to continue executing on this plan together, said Apollo's Athene Quietly Settled Harassment Case Against Its CEO Founded in 2009, Athene also serves as Apollo's partner insurance company and had total assets worth $202.8 billion at the end of 2020, with operations in the United States, Bermuda, and Canada. Marc Rowan During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co AEL.N, an annuities specialist that put itself up for sale in May, the Financial Times has reported. Apollo, Leon Black say ex-partner's theft shows 'betrayal' The Apollo entity said it will . cookies Apollo Global Management, Inc. 2023 All Rights Reserved. Head of Marketing & Corporate Communications, Athene or Head of Marketing & Corporate . organisation (212) 822-0540 Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. The Central Laborers' Pension Fund agreed to discontinue its suit, filed in Manhattan state court, against both Athene and Apollo after a Bermuda judge issued a temporary . Still, the alternative asset manager's portfolio continues to get a lot of attention from market watchers, and rightfully so given the high-profile names it holds. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. The problem was that Athene's investors had a problem with Apollo's relationship with them, and in 2019 a lawsuit accused Apollo of overcharging Athene by hundreds of millions of dollars for their services. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. (212) 822-0491. Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit - Wink esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. The full list of representatives can be found in the governance section of https://ir.apollo.com/. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. In addition to the aforementioned Athene, an $11 billion all-stock acquisition it closed in 2022, Apollo currently owns security firm ADT, which it bought in 2016, and Yahoo Inc. (Yahoo Finance's parent company), which it acquired in 2021 for $5 billion. The judge issued the temporary injunction days before lawyers for the pension fund asked the court to stay the proceeding, because the lawsuit was filed in New York and they were not alerted to the action in Bermuda. The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit Black's Apollo Fires New Salvo in Feud With Former Employees (3) Read the latest financial and business news from Yahoo Finance. Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. NEW YORK (Reuters) - Apollo Global Management LLC APO.N and billionaire co-founder Leon Black said on Monday they have uncovered proof that a former executive suing them for $1.5 billion stole confidential information as he prepared to bolt the private equity firm and compete with it. Following the transaction, Apollo Global Management, Inc. is now the publicly traded combined entity, with approximately 600 million shares of a single class of voting stock entitled to one vote per share. Noah Gunn He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. Apollo merges with Athene in a $29bn deal - Substack Log in to keep reading or access research tools. Market Intelligence Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Leon Black is proving once again hes not someone to cross. Under the terms of the deal, each outstanding Class A common share of Athene will be exchanged for a fixed ratio of 1.149 shares of Apollo common stock. About Athene. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Apollo Global Management Inc. is suing two former employees of its affiliate Athene Holding Ltd. over their role in helping set up a rival insurance business. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit, Banking Essentials Newsletter: 5th May Edition, Practical steps to achieve net-zero underwriting Set a baseline, define targets and take action, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023. Jim Belardi An Illinois pension fund has dropped a lawsuit accusing Apollo of charging "extravagantly expensive" fees to Athene, the life run-off acquirer that it founded. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . university Eventually, the litigation was brought to a halt by a Bermuda court ordering that any lawsuit should have been filed in the island territory where the . ", "Private equity was not immune to that," he added. Apollo Law , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. The lawsuit is ongoing. offers FT membership to read for free. The order purports to bar a US-based Athene shareholder, Central Laborers' Pension Fund, from pursuing a lawsuit that accuses Apollo of "looting" the insurance company by charging. Global Head of Investor Relations, Apollo In March, Rowan reassured investors that Athene wasn't at risk of a run similar to those seen at regional banks in the aftermath of Silicon Valley Bank's collapse. The latest suit, filed Friday, is against Stephen Cernich and Huan Tseng, formerly of Athene AI-powered legal analytics, workflow tools and premium legal & business news. The last trading day closing prices of Apollo and Athene common stock imply that the combined Apollo opens with a market capitalization of $43 billion. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Simply log into Settings & Account and select "Cancel" on the right-hand side. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. and Pension fund drops NY lawsuit against Apollo and Athene - Insurance Insider And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. We want to hear from you. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Marc Rowan We support credit card, debit card and PayPal payments. Questions linger as Apollo plans an IPO - The Salt Lake Tribune 652175/2018. Check if your The deal is expected to close in January 2022. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. However, it hasn't been immune to concerns in the broader economy. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. Apollo-Athene: the new Berkshire Hathaway? | Financial Times (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). We use Click here for the latest trending stock tickers of the Yahoo Finance platform. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . 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Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. analyse how our Sites are used. NEW YORK (Reuters) - Apollo Global Management LLC. Lehman and Hill City Capital. Apollo Sues Two More Executives in Dispute Over Insurance Rival - WSJ We cant find the page you're looking for. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. Scott Kleinman personalising content and ads, providing social media features and to Caldera has said he denied possessing confidential Apollo materials. Global Head of Corporate Communications, Apollo. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Under the terms of the transaction, each outstanding Class A common share of Athene . Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. Bermuda court orders halt to US lawsuit against Apollo journalists in 50+ countries covering politics, business, innovation, trends and more. Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. Compare Standard and Premium Digital here. 3 min read. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange 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 company does business in private equity and private credit. We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. NEW YORK, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Apollo and Athene today announced the successful completion of their merger under Apollo Global Management, Inc. (NYSE: APO), a high-growth alternative asset manager with asset management and retirement services capabilities. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. Data is a real-time snapshot *Data is delayed at least 15 minutes. Jay Clayton . Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Apollo Proposes Merger With Insurance Firm Athene - Business Insider Insiders Open up About Apollo Global Management CEO Marc Rowan If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. "It is one of the real luxuries of our business to be able to think long-term and not care what happens on a quarterly basis," he continued. Athene and Apollo Announce Closing of Transaction to Strengthen Over the last few years, the firm has . For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Apollo's merger with Athene: a Final $29bn-Step in a Long - BSIC /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 Follow her on Twitter at @agarfinks and on LinkedIn. Apollo also said that the conflicts committee of its board has approved changes that would result in a simpler, more transparent corporate structure that is expected to be put in place by January 2022. Get this delivered to your inbox, and more info about our products and services. Simply log into Settings & Account and select "Cancel" on the right-hand side. For Media: Joanna Rose. The lawsuit filed in New York on . Scott Kleinman university A Division of NBCUniversal. The transaction is expected to close in . Together, we will continue to serve the investment return and retirement savings needs of all our clients. Got a confidential news tip? To learn more, please visit www.apollo.com. Black, 67, is worth $6.2 billion, according to Forbes magazine. and other data for a number of reasons, such as keeping FT Sites reliable and secure, And that trend has continued in 2023 so far. , Co-Presidents of Apollo Asset Management. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. . During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. No. 107: Aviva, Athene, and Apollo Are Defendants in a RICO Lawsuit Together we articulated an attractive plan to generate $15 billion of deployable capital over the next five years and more than double our fee-related earnings. Apollos Board of Directors is led by non-executive Chair The private equity firm said last month it would look into changing its corporate governance structure, getting rid of shares with special voting rights that currently give Black and other co-founders effective control of the firm. Check if your In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. Apollo alleges. APOLLO GLOBAL MANAGEMENT, INC. : Persberichten | APO1 * | US03769M1062 "While it was happening, it felt really good, and now that its not happening anymore, it doesnt feel so goodWe did just fine over 10 years, but this is the period of time when liquidity has been withdrawn, when were playing offense and lots are playing defense." and On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. The emails are stark and blatant examples of Siddiquis betrayal of Apollo and Athene when he was still a highly paid Apollo partner and should have been loyal, the filing said. Apollo Global Management, Inc. (NYSE: APO), Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT). "We buy something; we operate the business as if we're going to own it forever," Rowan said. Compare Standard and Premium Digital here. If you reached this page via our site or search, please let us know by emailing, Epsteins Private Calendar Reveals Prominent Names, First Republic Bank Is Seized and Bulk Sold to JPMorgan, Randi Weingartens Incredible Covid Memory Loss, Disney vs. DeSantis: What to Know About Their Power Struggle, JPMorgan Buys First Republic Bank in Second-Largest U.S. Bank Failure, The Booming Texas Border Town at the Center of a Global Trade Shift. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Apollo's Insurer Unit, Athene Holding, Quietly Settles Harassment Case These statements are subject to certain risks, uncertainties and assumptions, including risks relating to Apollos dependence on certain key personnel, Apollos ability to raise new Apollo funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, and interest rate fluctuations, generally, Apollos ability to manage its growth, fund performance, the variability of Apollos revenues, net income and cash flow, Apollos use of leverage to finance its businesses and investments by Apollo Funds, Athenes ability to maintain or improve financial strength ratings, the impact of Athenes reinsurers failing to meet their assumed obligations, Athenes ability to manage its business in a highly regulated industry, changes in Apollos regulatory environment and tax status, litigation risks and Apollos ability to recognize the benefits expected to be derived from the Merger. personalising content and ads, providing social media features and to Athene and Apollo have seen tremendous mutual benefit from our longstanding strategic relationship, and now with full alignment our value will be significantly stronger than the sum of our parts, said Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . Athene Holding Ltd. and Apollo Global Management LLC have obtained a temporary injunction from a Bermuda court blocking a pension fund's lawsuit claiming that Apollo is "looting" the insurance company from going forward, the Financial Times reported. The firm has also been building up its presence in Europe. * Apollo Global Management Inc. and Athene Holding Ltd. have agreed to merge in an all-stock transaction that implies a total equity value of roughly $11 billion for Athene. Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, WR Berkley halts tax liability underwriting after executive departure, Everest Q1 pre-tax cat losses narrow to $110mn on limited US exposure, Hubs valuation: A shiver passes through the private broking sector, CNA Q1 reserve charge linked to exited London PL book: CEO Robusto, Need to Know: AIG, Hub investment, Aon results, Gain your competitive advantage with Inside P&C. Download the Yahoo Finance app for Apple or Android. (515) 342 6473 Caldera has said he denied possessing confidential Apollo materials. Jim Belardi Leon Black is proving once again he's not someone to cross. , while Athene will continue to be led by its CEO analyse how our Sites are used. Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. As a combined public company, we have created a superior model to deliver highly stable and diversified earnings, to accelerate our growth, and to originate the highest quality assets for our clients. Leon Black. Before the #MeToo movement riveted public attention on sexual harassment and gender biases in the workplace, Apollo Global Management Inc.'s lucrative insurance unit quietly settled a potentially. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Under the terms of the deal, each outstanding class A common share of Athene will be exchanged for 1.149 shares of Apollo common stock, representing a premium of about 16.5% to Athene's closing share price on Friday. Standard Digital includes access to a wealth of global news, analysis and expert opinion. We use For cost savings, you can change your plan at any time online in the Settings & Account section. The news and analysis powering European private equity. Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. Apollo accused of 'looting' affiliate insurer Athene It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . organisation Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. Joanna Rose The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. Apollo Global Management Inc.'s ( NYSE: APO) proposed merger with Athene Holding Ltd. ( ATH) was the logical next step in Apollo's permanent capital push. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. It opened a new office in London in April and invested 1 billion euros about $1.1 billion in real estate assets managed by Germany-based Vonovia.
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