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.
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.
Brightspeed announced plans to expand its fiber optic network in South Carolina, aiming to reach up to 14,000 new fiber passings by the end of 2023. This initiative is part of a broader $2 billion investment to enhance broadband access for up to 3 million homes and businesses over five years. The company will employ advanced technologies like XGS-PON for internet speeds exceeding 1Gbps. The build-out is essential for improving connectivity in rural areas, supported by state and federal broadband grant programs.
New Fortress Energy (NASDAQ: NFE) and Apollo (NYSE: APO) have finalized a Joint Venture named Energos Infrastructure, which operates 11 liquefied natural gas (LNG) vessels, including Floating Storage and Regasification Units. The partnership aims to enhance energy security while facilitating a transition towards cleaner energy. Energos is primarily owned by Apollo-managed funds (80%) and NFE (20%). The total implied enterprise value of Energos is around $2 billion. NFE is set to charter ten vessels for up to 20 years to support its global projects.
Apollo Global Management has successfully closed its inaugural Apollo Origination Partnership Fund I with approximately $2.35 billion in commitments. This fund focuses on large corporate direct lending, contributing to Apollo's over $50 billion in assets under management (AUM) in direct lending strategies. Targeting companies with over $100 million in EBITDA, the fund aims to provide flexible financing solutions. Apollo seeks to expand its direct origination capabilities, highlighting the growing demand for private credit amid market volatility.
Shutterfly celebrates the one-year acquisition anniversary of Spoonflower, launching 4,000 new artist-led designs on its platform. This marks a shift in Shutterfly's focus from photo personalization to offering a wider array of products. Spoonflower, featuring nearly 2M designs by 3.3M creatives, has integrated its production, reducing order-to-shipment times by 50%. The demand for unique designs, particularly wallpaper, has surged, indicating growth potential in this category, with 30% of new customers purchasing wallpaper as their first item.
Brightspeed has announced plans for a major fiber optics network rollout in Arkansas, aiming to reach over 40,000 potential customers by the end of 2023. This first phase includes construction across 10 counties, with plans for an additional 60,000 fiber passings in the future, totaling over 100,000. The investment is part of a broader $2 billion initiative to enhance internet access, especially in rural areas. Brightspeed, formed from Lumen Technologies' assets, is pending acquisition by Apollo-managed funds and expects final regulatory approvals soon.
Apollo (NYSE: APO) and Belstar Group have formed a 50/50 joint venture in Korea to provide a variety of private credit solutions. This partnership aims to address the liquidity gap in the Korean market by offering asset-backed capital solutions, corporate lending, and acquisition financing. Apollo will leverage its $10 billion Asia Pacific assets under management and recent market insights to establish a long-term presence in Korea. The joint venture is an extension of Apollo’s credit investment strategy in the Asia Pacific region.