Apollo Global Mgmt Inc Stock Price, News & Analysis

Brightspeed has secured all necessary state regulatory approvals across 20 states, marking a significant step towards launching its fiber-based internet services. The company plans to invest over $2 billion to enhance connectivity for up to 3 million homes over the next five years, especially in underserved areas. The acquisition of Lumen’s operations is expected to close in early Q4 2022, pending FCC approval. Brightspeed's technology will support internet speeds exceeding 1Gbps, aiming to bridge the digital divide effectively.

Brightspeed announced a major fiber optics network expansion in Ohio, targeting over 170,000 potential customers by the end of 2023. The company plans to invest at least $2 billion to reach up to 3 million homes and businesses over five years, with a total of 380,000 fiber passings expected. The roll-out will occur in multiple counties, enhancing access to high-speed internet. Regulatory approvals for the acquisition of Lumen Technologies by Apollo-managed funds are anticipated in Q3 2022, with transaction closure expected in Q4.

Pegasus Merger Co., an affiliate of Apollo Global Management, launched cash tender offers to acquire all outstanding 5.125% and 7.875% Senior Secured Notes from Tenneco Inc. The offers aim to amend existing indentures and are part of the pending merger with Tenneco, expected to close in H2 2022. The tender offers will expire on July 26, 2022, with an early tender date of July 12, 2022. Holders tendering notes early will receive $1,012.50, while those tendering after will receive $982.50 per $1,000 in principal. The transaction is conditioned on receiving requisite consents and other closing conditions.

Apollo has launched an Asia Pacific Credit Strategy in partnership with Hostplus, securing US$1.25 billion in assets, including a US$500 million commitment from Hostplus. This strategy aims to leverage Apollo's credit expertise to meet growing private credit demand in the region. With over US$10 billion managed in APAC and a newly appointed team led by Matt Michelini, Apollo plans to focus on Australia, India, Singapore, South Korea, and Hong Kong. Recently, Apollo facilitated a US$750 million financing for Mumbai International Airport, highlighting its increasing investment activity.

Brightspeed has announced its initial fiber network build in Alabama, aiming to reach over 60,000 potential customers by the end of 2023. This $2 billion investment aims to enhance broadband access across rural and suburban areas, with plans to expand to up to 120,000 fiber passings. Brightspeed, which will acquire Lumen Technologies' assets under Apollo-managed funds, expects to finalize regulatory approvals in Q3 2023. Governor Kay Ivey highlighted the importance of this initiative in improving connectivity for Alabama residents.

Brightspeed has announced a major fiber optics network build in Texas, aiming to reach over 120,000 potential customers by the end of 2023. This initiative is part of a $2 billion investment to enhance internet connectivity in multiple states, with plans to expand to a total of 280,000 fiber passings in Texas. The project is linked to the acquisition of Lumen Technologies' assets by Apollo-managed funds, subject to regulatory approval. The initiative is set to bring faster internet services to various communities, boosting broadband access significantly.

Intrado Corporation has launched the Sonic G3 Edge Compute, enhancing 911 call handling for Public Safety Answering Points (PSAPs). This appliance allows calls to be taken from any location and ensures connectivity with 4G/5G redundancy during outages. Integrating with the existing Power 911 software, the Sonic G3 offers improved resilience and functionality. Key benefits include localized call recording and reduced operating costs by up to 25%. Demonstrations are taking place at the NENA Expo on June 13-14, 2022, in Kentucky.

Apollo announced an agreement to acquire Cardenas Markets, a prominent grocery retailer serving the Hispanic community, from KKR. This acquisition will merge Cardenas with Tony's Fresh Market, creating a large Hispanic-focused grocer with approximately $1.8 billion in combined revenues. The two companies will maintain their brands while leveraging complementary strengths. Cardenas operates 59 stores across three states. The transaction is expected to close by Q3 2022, though financial terms remain undisclosed.

Moleaer has successfully closed a $40 million Series C funding round led by Apollo (NYSE: APO), bringing its total funding to $61 million. The capital will be utilized to enhance the deployment of Moleaer’s proprietary nanobubble technology, aimed at addressing climate change and water scarcity across various industries. This technology has already treated over 500 million gallons of water daily and improved crop yields by up to 56%. Moleaer aims to make its nanobubble technology standard in water-based industrial processes, enhancing sustainability while reducing costs.