Apollo Global Mgmt Inc Stock Price, News & Analysis

Apollo (NYSE: APO) has launched a sustainable investing platform, aiming to deploy $50 billion in clean energy and climate capital over the next five years, with a potential for over $100 billion by 2030. This initiative focuses on energy transition and decarbonization, capitalizing on Apollo's extensive experience in relevant sectors. Headed by Olivia Wassenaar, the platform seeks to reduce median carbon intensity by 15% on new control investments. Apollo's past investments in clean energy exceed $19 billion, underscoring its commitment to sustainability and strategic growth.

VICI Properties Inc. has successfully acquired the Venetian Resort Las Vegas for $4.0 billion, achieving a 6.25% cap rate. The transaction is financed through proceeds from share sales, a $600 million credit line, and cash reserves. This acquisition increases annual rent by $250 million under a 30-year lease with Apollo Global Management, which includes a rent escalation clause. The Venetian features extensive gaming, hospitality, and convention facilities, solidifying VICI's portfolio as a premier player in experiential real estate.

Apollo Global Management has successfully acquired The Venetian Resort and Venetian Expo in Las Vegas from Las Vegas Sands Corp. for approximately $2.25 billion. This transaction, initially announced in March 2021, positions Apollo to invest in enhancing guest experiences at this iconic property. Concurrently, the Apollo Funds entered a long-term, triple net lease agreement with VICI Properties, which purchased the associated land and real estate assets for $4.0 billion. This acquisition aims to capitalize on the Las Vegas recovery and growth potential.

Tenneco reported a 17% increase in total revenue for 2021, reaching $18.0 billion. Adjusted net income improved to $164 million, or $1.97 per diluted share, compared to a loss in 2020. However, Q4 revenue fell 6% year-over-year, totaling $4.4 billion, with a net loss of $35 million. The company achieved significant liquidity of $2.3 billion and improved its net leverage ratio to 1.0x. Tenneco has canceled its earnings call following a definitive acquisition agreement with Apollo and will not provide financial guidance for 2022 due to the pending transaction.

Tenneco (NYSE: TEN) has agreed to be acquired by Apollo (NYSE: APO) in an all-cash deal valued at approximately $7.1 billion, including debt. The acquisition offers Tenneco shareholders a purchase price of $20.00 per share, marking a notable 100.4% premium over the closing price on February 22, 2022. The transaction has been approved by Tenneco's Board and is expected to close in the second half of 2022, pending shareholder and regulatory approvals. Tenneco will continue to operate under its brand as a private company post-acquisition.

Apollo has launched the Apollo Opportunity Foundation, committing over $100 million to promote educational access, workforce development, and economic empowerment over the next decade. This initiative aims to eliminate barriers for underrepresented individuals and is supported by Apollo employees who will assist in nominating and evaluating organizations for funding. The Foundation aligns with Apollo's commitment to corporate citizenship and community engagement, building on previous efforts to diversify the alternative investment industry and promote career opportunities.

Apollo (NYSE: APO) has expanded its global partnership with Mubadala Investment Company to enhance its Capital Solutions business. This collaboration will enable Apollo to originate transactions across various asset classes, addressing market demand for tailored financing solutions. The partnership aims to accelerate Apollo's origination target over the next five years and will leverage Mubadala's expertise and resources. This initiative is expected to increase Apollo's relevance and transaction scale in the financing ecosystem, reinforcing its role as a preferred counterparty for corporate borrowers.

Spartan Acquisition Corp. III (NYSE: SPAQ) and Allego Holding B.V., a pan-European EV charging network, announced the SEC's approval for their business combination on February 10, 2022. A Special Meeting for stockholders to vote on this merger is scheduled for March 8, 2022, at 11:00 a.m. ET. If approved, Allego's stock will be listed on NYSE under the ticker 'ALLG.' Spartan encourages all stockholders to vote by March 7, 2022, to ensure representation. The merger is expected to enhance Allego's position in the European EV charging market amidst rising demand.