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.
Platinum Equity has announced a definitive agreement to acquire McGraw Hill from Apollo Funds for approximately $4.5 billion. This acquisition aims to leverage McGraw Hill's extensive educational content and digital platforms, which generate over $1 billion in annual revenue. The digital revenue share has increased significantly, from less than 25% in 2013 to over 60% today. The transaction is subject to regulatory approval and is expected to complete in the summer of 2021, with McGraw Hill's leadership team remaining intact.
Apollo, Ares, and Oaktree have launched a $90 million initiative, AltFinance: Investing in Black Futures™, aimed at diversifying the alternative investment sector. This 10-year program targets students from Clark Atlanta University, Morehouse College, and Spelman College, providing mentorship, scholarships, and career pathways. The initiative includes a fellowship program, a virtual institute created in partnership with Wharton, and aims to remove financial barriers for students. Each firm will contribute $3 million annually to support this transformative effort.
Apollo Global Management (NYSE: APO) announced a commitment to invest up to $500 million in senior secured credit facilities through Victory Park Capital (VPC). This partnership focuses on asset-backed lending to e-commerce aggregators, particularly those operating on Amazon. The collaboration aims to enhance capital access for growth-oriented firms in the digital marketplace. This venture marks Apollo’s entry into growth lending and aims to leverage VPC's expertise in asset-backed credit, positioning both firms to capitalize on emerging opportunities in this high-growth sector.
Apollo Global Management announced the appointment of David Simon to its Board of Directors, effective June 15, 2021. Simon, CEO of Simon Property Group, is noted for his expertise in financing and deal-making. Following the upcoming merger with Athene, four directors from Athene, including CEO Jim Belardi, will also join the board. The combined board will consist of 18 members, with a two-thirds independent majority. These changes aim to enhance corporate governance and align shareholder interests, signaling growth potential for APO.
Apollo Global Management has launched Apollo HBCUNet, a new platform developed with CareerBuilder to connect students and alumni from Historically Black Colleges and Universities (HBCUs) with career opportunities across its network. The initiative aims to enhance workplace diversity and offer access to job openings in various sectors, while building on previous efforts like VetNet, which has successfully placed over 3,000 veterans. Apollo's commitment to diversity includes partnerships and initiatives focused on increasing representation and inclusion within its workforce.
Apollo Global Management has acquired a majority interest in Total Operations and Production Services (TOPS) from Black Bay Energy Capital. This acquisition aims to bolster TOPS's growth in environmentally friendly, low-emission gas compression services, particularly in the Permian Basin. TOPS specializes in electric-driven compression systems designed for improved performance and reduced emissions. The investment is expected to enhance TOPS's capabilities to meet rising customer demand and advance its proprietary technologies.
Apollo Global Management (NYSE: APO) announced that James Zelter, Co-President and Chief Investment Officer, Credit, will present at Morgan Stanley’s Virtual Financials, Payments and CRE Conference on June 15, 2021, at 11:45 am ET. A live webcast will be available on Apollo's website, with a replay following the event. Apollo is a global alternative asset manager with a focus on providing clients with excess returns through various investment strategies. As of March 31, 2021, the firm managed approximately $461 billion in assets.
Apollo has announced its acquisition of EmployBridge, the leading industrial staffing company in the U.S. This strategic move aims to enhance growth and support complex corporate needs across the supply chain. With an addressable market of approximately $28 billion, Apollo plans to invest in technology and improve the associate experience.
The transaction is subject to customary closing conditions and is expected to finalize by July 2021. Specific terms were not disclosed, but the deal represents a milestone for EmployBridge amidst rising labor demand.
Intrado Corporation has partnered with Permission Click Inc. to launch a new digital solution aimed at K-12 schools, facilitating the automation of manual workflows. This platform is designed to streamline processes such as managing permissions and student registrations, crucial for schools aiming to resume activities post-pandemic. Key features include automation of paper-based forms, easy IT-free implementation, and a unified platform for monitoring approvals. This partnership promises to enhance operational efficiency for over 63,000 schools in North America.
Apollo Global Management announced the promotion of Stephanie Drescher to Chief Client and Product Development Officer, alongside the establishment of a Global Wealth Management Solutions (GWMS) vertical. This new division aims to expand access to private markets for individual investors. CEO Marc Rowan highlighted the firm's strategy to enhance its wealth management channel, addressing the under-penetration of alternatives among individuals. The firm also plans to bolster wealth management distribution with recent hires, including Howard Nifoussi as Head of U.S. Wealth Management Distribution.