Apollo Global Mgmt Inc Stock Price, News & Analysis

Apollo Global Management (NYSE: APO) faces scrutiny as unions unite to protect retirees' pensions amid its aggressive pension buyout activities. The International Brotherhood of Teamsters and UNITE HERE have formed an alliance to advocate for stricter regulation of pension risk transfers (PRT), citing concerns over opaque financial structures. The unions are pushing for updated oversight, particularly in light of the bipartisan RISE Act pending in the Senate, which aims to revise outdated regulatory guidance from 1995.

Brightspeed has announced its fiber network plans for Wisconsin, aiming to reach over 70,000 potential customers by the end of 2023. The company intends to invest at least $2 billion in fiber optics over the next five years, targeting up to 3 million homes and businesses. The first phase involves 70,000 new fiber passings across 15 counties, followed by an additional 80,000 in subsequent years. The company, comprising assets from Lumen Technologies, expects to finalize its acquisition by Apollo-managed funds soon. Brightspeed's initiative aims to enhance broadband access, especially in rural areas.

Pegasus Merger Co., an affiliate of Apollo Global Management, has amended its cash tender offers for Tenneco Inc.'s 5.125% and 7.875% Senior Secured Notes due 2029. The expiration date for the Tender Offer has been extended to September 7, 2022. As of July 26, 2022, tenders received include approximately 99.44% of the 5.125% Notes and 98.34% of the 7.875% Notes. The total consideration offered for each note is $1,012.50. Completion of the Tender Offer is dependent on certain conditions, including a planned merger.

Shutterfly has launched its first-ever limited-edition collection, The Shutterfly Collective, featuring 4,000 new artist-sourced designs. This initiative showcases collaborations with digital icons such as Brittany Broski and Chris Olsen, focusing on home decor and gifting items. The collection is available for purchase from July 26 to August 23, 2022, with prices ranging from $16.99 to $79.98. A portion of each sale will support the Spoonflower Independent Artists involved, reflecting Shutterfly's commitment to expanding its custom design offerings.

Fusion Connect and Intrado Corporation have signed an agreement to transition Intrado's enterprise voice and network clients to Fusion Connect's advanced communication services. This partnership aims to enhance client experience and expand Fusion Connect's reach in the mid-market and enterprise sectors. Additionally, certain Intrado employees will join Fusion Connect, facilitating growth and continuity. The deal allows Intrado to refocus on core solutions while maintaining service levels for current clients.

Apollo Global Management (NYSE: APO) announced that Apollo Asset Management and Athene Holding Ltd. have received first-time credit ratings of A2 and A1 respectively from Moody’s Investors Service. The ratings reflect AAM's strong asset management scale and performance, while Athene's rating highlights its market position in retirement services. Apollo's CFO emphasized these ratings as indicators of the firm's financial strength and stability, aiming for continued client returns and shareholder value. As of March 31, 2022, Apollo managed approximately $513 billion in assets.

Intrado Corporation has announced the appointment of Nimesh Davé as president of its Notified business segment. With extensive experience in technology and cloud-based services, Davé previously led Global Cloud at Ingram Micro. His expertise is expected to enhance Intrado's Notified organization, particularly following the recent launch of the Event Cloud platform, which offers innovative solutions for meetings and events. Ben Chodor, the current president of Notified, will step down but continue as an advisory board member.

Pegasus Merger Co., affiliated with Apollo Global Management, has announced significant participation in its cash Tender Offer for Tenneco's Senior Secured Notes. As of July 12, 2022, holders tendered approximately $766.2 million of 5.125% Notes, representing 95.78% of the total. Additionally, $489.3 million of 7.875% Notes were tendered, equating to 97.87%. Supplemental Indentures have been executed to amend 'Change of Control' requirements linked to Tenneco's merger. The early tender deadline is extended to July 19, 2022, with potential settlement expected in the second half of 2022.

Brightspeed has announced plans to develop a significant fiber optics network across Missouri, targeting over 130,000 new fiber passings by the end of 2023 and a total of 310,000 locations over several years. The company is investing more than $2 billion in this initiative, aiming to provide high-speed internet to urban and rural areas. Brightspeed's proposed network will leverage state-of-the-art technology, enabling speeds over 1Gbps. The acquisition of assets from Lumen Technologies is pending final approvals, with expectations to finalize by early Q4 2022.