Apollo Global Mgmt Inc Stock Price, News & Analysis

IGT and Everi have announced a significant change to their previously announced merger plans. Instead, both IGT's Gaming & Digital business (IGT Gaming) and Everi will be simultaneously acquired by Apollo Global Management in an all-cash transaction valued at approximately $6.3 billion. Under the new agreement:

- Everi stockholders will receive $14.25 per share in cash, a 56% premium over the July 25, 2024 closing price.
- IGT will receive $4.05 billion in gross cash proceeds for IGT Gaming.
- The transaction is expected to close by the end of Q3 2025, subject to regulatory approvals and Everi stockholder approval.

This deal replaces the previously announced spin-off and merger between IGT Gaming and Everi. Post-closing, IGT will become a pure-play lottery business, while IGT Gaming and Everi will operate as privately owned companies under Apollo's ownership.

Apollo (NYSE: APO) has announced that Apollo-managed funds will acquire Evri, one of the UK's largest parcel delivery companies, from Advent International. Evri, which rebranded in 2022, has become a key leader in parcel delivery, serving an average of 12 million customers per week and reaching nearly every UK household. The company is known for its innovative model, technology, and infrastructure designed for reliable, lower emissions delivery in the e-commerce market.

Apollo Private Equity Partner Alex van Hoek expressed enthusiasm about partnering with Evri's management team to support the company's continued success and expansion. Evri CEO Martijn de Lange highlighted the company's transformative changes and focus on on-time delivery and environmental responsibility. The transaction is expected to close in the third quarter of 2024, with financial terms undisclosed.

U.S. Silica Holdings (NYSE: SLCA) announced that its stockholders have approved the previously announced acquisition by funds managed by Apollo (NYSE: APO) affiliates. The all-cash transaction, referred to as the Merger, received approval from over 75% of the company's outstanding shares at a special meeting held on July 16, 2024. Approximately 78% of the company's outstanding shares were voted at the meeting. The closing of the Merger is still subject to the terms and conditions of the agreement but is expected to occur before the end of the current quarter. U.S. Silica, a diversified industrial minerals company and leading last-mile logistics provider to the oil and gas industry, will file the final voting results in a Current Report on Form 8-K with the SEC.

Apollo (NYSE: APO) and The Travel (TTC) have announced a definitive agreement for Apollo-managed funds to acquire TTC, a privately owned company with over a century of operation. The deal includes 18 leading travel brands such as Trafalgar, Uniworld Boutique River Cruises, Contiki, and Insight Vacations. Apollo aims to leverage its experience in travel, tech, and hospitality to enhance TTC's brand portfolio. The transaction, expected to close in Q4 2024, is subject to regulatory approvals. Financial terms were not disclosed, and certain brands like The Red Carnation Hotel Collection are not included in the sale. This strategic move aligns with TTC's succession plan, as there is no next generation to lead the company.

IHI Power Services Corp. (IPSC) has secured asset management contracts with Doral Renewables for two significant renewable energy projects: the Mammoth North Solar Project in Starke County, Indiana, and the Great Bend Solar Project in Meigs County, Ohio. Mammoth North, a 400 MW facility, is the first phase of the $1.5 billion Mammoth Solar Project, expected to be operational in Q3 2024. The Mammoth Solar Project will ultimately generate 1.3 GW, supporting 275,000 homes. Great Bend, a 48 MW plant, will begin construction this year and is slated to be operational by the end of 2025, contributing $400,000 in annual tax revenue and bolstering local economies.

Doral is developing over 13 GW of renewable projects nationwide, with $2.5 billion in long-term power purchase agreements. IPSC's asset management expertise aligns with Doral's sustainability goals, making this partnership vital for optimizing renewable assets and promoting sustainable communities.

Apollo (NYSE: APO) will release its financial results for the second quarter of 2024 on August 1, 2024, before the NYSE trading starts. Management will discuss the results during a public webcast at 8:30 am ET, accessible via Apollo’s Investor Relations website. A replay will be available one hour post-event. Apollo disseminates its earnings releases through its website and email lists. Interested parties can subscribe for email updates.

Apollo (NYSE: APO) released its Annual Sustainability Report: Volume 15, titled “Driving a More Sustainable Future,” on June 24, 2024. Highlights include the deployment, commitment, or arrangement of $10 billion towards clean energy and climate investments in 2023, aiming toward a $50 billion target by 2027. Additionally, Apollo committed $5.2 million in grants to 22 organizations through the Apollo Opportunity Foundation, an increase from $3 million last year. The report outlines Apollo's sustainability strategy and progress, with insights from Scott Kleinman, Co-President, and Dave Stangis, Chief Sustainability Officer, emphasizing Apollo's dedication to sustainability, decarbonization, and providing flexible capital solutions. The report also includes voluntary disclosures guided by SASB, GRI, UN SDGs, and TCFD recommendations.

Intel and Apollo have entered into a $11 billion joint venture for Intel's Fab 34 in Ireland. Apollo will acquire a 49% equity stake, while Intel retains 51% control. This is Intel's second SCIP arrangement, enhancing financial flexibility and supporting global manufacturing strategy. Fab 34, a state-of-the-art facility, began manufacturing processors in September 2023. The deal, expected to close by Q2 2024, allows Intel to redeploy capital and maintain its credit rating. Intel will continue to manage Fab 34 and fulfill wafer production commitments for itself and foundry customers.

Pershing Square Capital Management (PSCM) has announced the sale of a 10% common equity interest in Pershing Square Holdco, a new partnership owning 100% of PSCM, for $1.05 billion to strategic investors including Arch Capital Group (ACGL). This sale involves an internal reorganization of PSCM's ownership structure, resulting in a deemed assignment under the Investment Advisers Act of 1940. The reorganization has been approved by the Pershing Square Holdings (PSH) board, ensuring no changes to PSCM's management team or its investment management role. Furthermore, an independent Board of Directors has been established. Bill Ackman remains the largest shareholder of the controlling The transaction aims to accelerate growth in assets under management and maintain high long-term returns for investors.