Apollo Global Mgmt Inc Stock Price, News & Analysis

Apollo Global Management (NYSE: APO) reported record fee related earnings in Q2 2024, driven by strong performance in Asset Management. The company achieved record levels of quarterly debt origination, gross capital deployment, and third-party fundraising excluding flagship private equity. In Retirement Services, Athene's profitability attracted significant third-party capital, supporting continued growth following the successful ADIP II fundraise. Apollo declared a cash dividend of $0.4625 per share of Common Stock, payable on August 30, 2024, and a cash dividend of $0.8438 per share of Mandatory Convertible Preferred Stock, payable on October 31, 2024. The company will host a public audio webcast on August 1, 2024, at 8:30 a.m. Eastern Time to review Q2 2024 financial results.

U.S. Silica Holdings, Inc. (SLCA) has been acquired by funds managed by affiliates of Apollo (NYSE: APO) in a previously announced transaction. The company will continue to operate under the U.S. Silica name and brand, with Bryan Shinn and the existing executive team remaining in leadership roles. As part of the deal, shareholders will receive $15.50 per share in cash for each share of U.S. Silica common stock owned. Following the transaction completion, U.S. Silica's common stock has ceased trading on the New York Stock Exchange.

The acquisition marks a new chapter for U.S. Silica, a diversified minerals company and leading last-mile logistics provider to the oil and gas industry. Both parties express optimism about future growth opportunities, with Apollo highlighting U.S. Silica's high-quality reserve base and culture of innovation as key strengths.

Nokomis Energy has secured a $30 million investment from Great Bay Renewables, a leading renewable energy investor. This funding will enable Nokomis to expand its portfolio of distribution-sited projects across the Midwest, focusing on delivering clean, competitive electricity on the distribution grid. The partnership aims to replicate Great Bay's success in supporting utility-scale project developers in the distributed generation sector.

Brendan Dillon, Co-Founder and President of Nokomis Energy, emphasized the investment's impact on their ability to deploy distributed generation projects in established and emerging markets. Frank Getman, CEO of Great Bay, highlighted Nokomis' track record of commercializing over 45 projects in Minnesota and surrounding areas, marking Great Bay's first dedicated investment in the distributed solar market.

Apollo (NYSE: APO) has announced a $700 million capital solution for Sony Music Group, an affiliate of Sony Group This investment, made on behalf of Apollo's affiliated and third-party insurance clients and other investors, is aimed at supporting Sony's investments in the music industry. Apollo Partner Jamshid Ehsani stated that this bespoke capital solution allows their clients to invest in high-grade securities while assisting Sony in executing its business plans. The deal showcases Apollo's ability to provide tailored financial solutions to major corporations in the entertainment sector.

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.