Welcome to our dedicated page for Apollo Global Mgmt news (Ticker: APO), a resource for investors and traders seeking the latest updates and insights on Apollo Global Mgmt stock.
Apollo Global Management, Inc. reports news tied to its alternative asset management and retirement services businesses. Updates commonly cover operating results, dividends on common and preferred stock, assets under management, investment origination, and activity at Athene, its retirement-services subsidiary.
Company news also includes fund formation and capital raising across Apollo strategies, including hybrid value, structured equity, dislocated liquid credit, private equity, credit, and real assets. Announcements may describe investment activity across funds managed by Apollo, portfolio-company developments, governance, material agreements, and capital-structure matters.
Pegasus Merger Co., affiliated with Apollo Global Management, announced an extension of its cash tender offers and consent solicitations for Tenneco Inc.'s Senior Secured Notes due 2029. The expiration date has been extended from September 7, 2022, to September 27, 2022. Holders have until this new date to tender their notes. Currently, over 99% of the 5.125% notes and over 98% of the 7.875% notes have been tendered. The completion of the tender offer is contingent on ongoing merger activities.
Brightspeed has secured over $90 million in grants to expand its gig-speed fiber network to 38,000 locations across 29 counties in North Carolina. The funding is part of the state's GREAT grant initiative aimed at enhancing broadband access in underserved areas. Brightspeed, the top recipient in a competitive process with over 300 applicants, plans to build 800,000 fiber-enabled locations over time, significantly improving internet service and accessibility. The investments are aligned with their mission to bridge the digital divide.
Apollo (NYSE: APO) has announced that Chief Financial Officer Martin Kelly will present at the Barclays Global Financial Services Conference on September 13, 2022, at 2:45 pm ET. Investors can access a live webcast of the presentation here. A replay will be available after the event. Apollo, a high-growth global alternative asset manager, currently manages approximately $515 billion in assets, focusing on strategies including yield, hybrid, and equity.
Apollo Asset Management has appointed Byron Vielehr as its new Chief Operating Officer, effective September 30, 2022. In this role, he will focus on scaling Apollo's global operating platform and implementing technology-driven growth strategies. Vielehr brings over 30 years of experience in financial services and operations, previously serving as Chief Growth Officer at Fiserv. Apollo currently manages approximately $515 billion in assets, aiming to enhance its operational capabilities and reinforce its high-performance culture.
Brightspeed has unveiled plans to expand its fiber optic network in Indiana, targeting over 50,000 potential customers by the end of 2023. This initial phase includes 20 counties and a commitment of at least $2 billion to improve broadband access across rural areas, ultimately reaching over 120,000 locations. Brightspeed aims to enhance internet speed and reliability through a next-generation FTTP architecture that offers speeds exceeding 1 Gbps. The company has secured all necessary regulatory approvals and expects to finalize its acquisition by APO in early Q4 2022.
Harmoni Towers, backed by Palistar Capital, has agreed to acquire Parallel Infrastructure from Apollo Global Management. This acquisition will create the second-largest private tower company in the U.S., with more than 2,000 towers and the capacity to build hundreds annually. The deal marks the first realization for Apollo's second flagship infrastructure fund. Palistar plans to invest over $1 billion to support the growth of the combined platform, enhancing service to carrier customers as demand for wireless infrastructure continues to rise.
Brightspeed plans to expand its fiber optics network, targeting up to 24,000 potential customers in Illinois and Michigan by the end of 2023. In Illinois, 14,000 new fiber passings in Knox County will be established, with a goal of 45,000 total passings in subsequent years. In Michigan, over 10,000 new passings will be added initially, aiming for 24,000 total. The company is investing at least $2 billion in its network transformation and has secured necessary regulatory approvals for its operations across 20 states. The project aims to enhance broadband in underserved areas.
The FCC has approved Lumen Technologies' sale of its ILEC business in 20 states to Brightspeed, managed by Apollo. This transaction, valued at $7.5 billion, is expected to close early in Q4 2022, following customary conditions. Brightspeed will invest in an expanded fiber optics network, aiming to reach up to three million homes and businesses over five years, enhancing broadband access in underserved areas. Lumen retains operations in 16 states and continues to develop its national fiber routes.
GI Alliance has announced a significant transaction where its physician owners will repurchase the minority equity stake held by Waud Capital Partners. This deal values the company at $2.2 billion and involves funding from Apollo's Hybrid Value strategy. The transaction reflects a strong confidence in GI Alliance's growth potential and commitment to high-quality patient care. Upon closing, Apollo will join the Board to provide strategic capital support.
Expected to close in Q3 2022, this move enhances physician ownership and aligns interests across the organization.
Brightspeed has announced its initial fiber network build plan for Kansas, aiming to reach over 10,000 new fiber passings by the end of 2023. This expansion is part of a larger strategy that includes 45,000 additional fiber passings over subsequent years, totaling over 55,000 locations. The company plans to invest at least $2 billion in fiber optics, impacting up to 3 million homes and businesses in the next five years. Brightspeed's network aims to enhance internet connectivity in rural and suburban areas of Kansas.