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.
Apollo Global Management announced the launch of Apollo Credit Secondaries, a new platform focusing on private credit secondary transactions with $1 billion in assets. This initiative is supported by investments from Apollo's insurance clients and aims to establish a leadership position in the expanding market. The firm plans to leverage its extensive $330 billion Credit business to enhance sourcing and underwriting capabilities. Apollo is committed to providing attractive risk-adjusted returns while addressing liquidity needs for investors.
Intrado Corporation has launched SD-WAN Thin Edge, a technology designed to connect remote workers, IoT devices, and fixed/mobile sites over LTE networks. This solution allows data processing at the edge, reducing costs and bandwidth by avoiding the need to send large amounts of data to the cloud. Featuring zero trust security, connectivity, and edge computing within a single device, this platform addresses the needs of a hybrid workplace. As organizations evolve, SD-WAN Thin Edge aims to enhance Intrado's UCaaS portfolio while providing robust support and deployment services.
Apollo Funds has successfully completed a cash tender offer for all outstanding shares of The Michaels Companies, acquiring approximately 85.92% of shares validly tendered. This transaction enables Apollo to merge with Michaels without further stockholder approval, under Section 251(h) of Delaware law. All outstanding shares will be converted to $22.00 per share in cash, resulting in Michaels becoming a privately-held subsidiary of Apollo. The merger is set to close on April 15, 2021, and Michaels' stock will cease trading on Nasdaq.
ABC Technologies Holdings (TSX: ABCT) announced that its majority shareholder, ABC Group Canada LP, has agreed to sell a majority stake to Apollo Funds, managed by Apollo Global Management (NYSE: APO), for CAD$10.00 per share. This transaction involves the sale of 51% of ABC's common shares, valued at approximately CAD$276.6 million. Post-acquisition, Apollo will nominate five board members while ABC LP will retain three. Closing is subject to regulatory approvals across several countries. The deal includes a potential price increase to CAD$10.64 per share if ABC meets certain acquisition thresholds.
Apollo Global Management (NYSE: APO) will release its Q1 2021 financial results on May 3, 2021, after the market close. A conference call is scheduled for May 4, 2021, at 8:30 a.m. ET to discuss these results, accessible via phone or webcast. As of December 31, 2020, Apollo managed approximately $455 billion in assets across credit, private equity, and real assets. For participant access, dial (833) 614-1406 for U.S. callers or +1 (914) 987-7127 internationally, using conference ID 5576528.
On April 8, 2021, Apollo (NYSE: APO) announced an extension of the cash tender offer to acquire The Michaels Companies, Inc. (Nasdaq: MIK), now set to expire on April 14, 2021. As of the extension date, approximately 40.49% of Michaels' shares, totaling 57,954,675, had been tendered. Previous expiration was scheduled for April 12, 2021. The tender offer will proceed following the satisfaction of merger agreement conditions. Apollo cautions stakeholders regarding forward-looking statements and risks associated with the tender offer.
One River Digital Asset Management has established an Academic and Regulatory Advisory Council with the addition of Jay Clayton, Kevin Hassett, and Jon Orszag. Clayton, former SEC Chair, now non-executive Chair of Apollo Global Management (APO), emphasized the importance of understanding digital assets within existing regulations. Hassett and Orszag bring extensive economic expertise to the council. CEO Eric Peters highlighted their commitment to transparency and innovation in the evolving digital asset landscape. One River manages over $2.5 billion in institutional assets, focusing on tailored strategies for clients worldwide.
Intrado Corporation has introduced Spatial Command & Control, a new GIS mapping solution designed to enhance 911 incident responses. This system integrates various location data into a single interface, reducing dispatch errors and accelerating response times.
Key features include highly accurate GIS data, 3D visualizations, real-time traffic updates, and enhanced call workflows with the VIPER platform. This innovation aims to simplify the telecommunicator's job, improving safety in communities.
SYNNEX Corporation (NYSE: SNX) has entered a definitive merger agreement with Tech Data, valued at approximately $7.2 billion. The merger aims to create a combined entity with about $57 billion in pro forma annual revenues and a workforce of over 22,000. SYNNEX shareholders will own 55% of the new company, while Apollo Funds will hold 45%. Significant benefits include enhanced global reach, operational efficiencies, and projected non-GAAP diluted EPS accretion exceeding 25% in the first year.
Apollo Global Management has announced a leadership transition, appointing Marc Rowan as the new CEO, replacing founder Leon Black. Jay Clayton, former SEC Chairman, will serve as Non-Executive Chairman of the Board. The board has been expanded to include new independent directors: Richard Emerson and Dr. Kerry Healey. Apollo anticipates exceeding analyst estimates for Q1 earnings, with fundraising projected to reach $15-20 billion annually. These governance changes are part of a broader strategy to enhance transparency and may position Apollo for inclusion in the S&P 500.