An Illinois pension fund has dropped a lawsuit accusing Apollo of charging "extravagantly expensive" fees to Athene, the life run-off acquirer that it founded. Apollo merges with Athene in a $29bn deal - Substack M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. Apollo Global Management, Inc. (NYSE: APO), Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT). Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Before the #MeToo movement riveted public attention on sexual harassment and gender biases in the workplace, Apollo Global Management Inc.'s lucrative insurance unit quietly settled a potentially. Got a confidential news tip? The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings. Questions linger as Apollo plans an IPO - The Salt Lake Tribune Click here for the latest trending stock tickers of the Yahoo Finance platform. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. Rowan, who co-founded Apollo 31 years ago, has been tasked with running the New York-based firm after board Chairman Leon Black said in January he would step down as chief executive by July, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein. Gain a global perspective on the US and go beyond with curated news and analysis from 600 We are excited to continue executing on this plan together, said 2023 CNBC LLC. It also owns. Follow her on Twitter at @agarfinks and on LinkedIn. Founded in 2009, Athene also serves as Apollo's partner insurance company and had total assets worth $202.8 billion at the end of 2020, with operations in the United States, Bermuda, and Canada. The Apollo-Athene Merger Will Unlock Value - SeekingAlpha Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal, bringing in-house an annuities provider that helped turned it into one of the world's largest corporate credit investors. Integrating that business. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). Marc Rowan Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. Pension fund drops NY lawsuit against Apollo and Athene And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. "While it was happening, it felt really good, and now that its not happening anymore, it doesnt feel so goodWe did just fine over 10 years, but this is the period of time when liquidity has been withdrawn, when were playing offense and lots are playing defense." , while Athene will continue to be led by its CEO The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings Ltd, and prevent it from competing with their "golden goose," the insurer Athene Holding Ltd, Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co. , an annuities specialist that put itself up for sale in May, the Financial Times has reported. Premium access for businesses and educational institutions. We use For Investors: Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . Contacts. "We will have total alignment to optimize our strategy and allocate capital efficiently," said Marc Rowan, Apollo's incoming chief executive, who helped set up Athene in 2009. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. organisation He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. The full list of representatives can be found in the governance section of https://ir.apollo.com/. Compare Standard and Premium Digital here. The companies announced Monday that they have agreed to merge by swapping stock . Joanna Rose Leon Black's Apollo Sues Former Employees - Bloomberg Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. Scott Kleinman /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 Together, we will continue to serve the investment return and retirement savings needs of all our clients. personalising content and ads, providing social media features and to During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit - Wink The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings Ltd, and prevent it from competing with their "golden goose," the insurer Athene Holding Ltd ATH.N. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Global Head of Corporate Communications, Apollo The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . We use university The reference to emails in 2017 smacks of desperation.. Lehman and Hill City Capital. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC Jim Zelter Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. The last trading day closing prices of Apollo and Athene common stock imply that the combined Apollo opens with a market capitalization of $43 billion. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Still, the alternative asset manager's portfolio continues to get a lot of attention from market watchers, and rightfully so given the high-profile names it holds. As the Federal Reserve's May meeting approaches, Apollo Global Management (APO) co-founder and CEO Marc Rowan isn't worried if the tight liquidity environment sticks around. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit NEW YORK (Reuters) - Apollo Global Management LLC APO.N and billionaire co-founder Leon Black said on Monday they have uncovered proof that a former executive suing them for $1.5 billion stole confidential information as he prepared to bolt the private equity firm and compete with it. IR@apollo.com. Market Intelligence The deal would create a $29 billion conglomerate and put . If you typed the URL into your browser, check that you entered it correctly. The judge issued the temporary injunction days before lawyers for the pension fund asked the court to stay the proceeding, because the lawsuit was filed in New York and they were not alerted to the action in Bermuda. . ", "Private equity was not immune to that," he added. Sign up for free newsletters and get more CNBC delivered to your inbox. You may change or cancel your subscription or trial at any time online. "It is one of the real luxuries of our business to be able to think long-term and not care what happens on a quarterly basis," he continued. Athene and Apollo have seen tremendous mutual benefit from our longstanding strategic relationship, and now with full alignment our value will be significantly stronger than the sum of our parts, said The private equity firm said last month it would look into changing its corporate governance structure, getting rid of shares with special voting rights that currently give Black and other co-founders effective control of the firm. As a combined public company, we have created a superior model to deliver highly stable and diversified earnings, to accelerate our growth, and to originate the highest quality assets for our clients. It opened a new office in London in April and invested 1 billion euros about $1.1 billion in real estate assets managed by Germany-based Vonovia. Apollo, Leon Black say ex-partner's theft shows 'betrayal' offers FT membership to read for free. Apollo Global Management, Inc. 2023 All Rights Reserved. The deal is expected to close in January 2022. Under the terms of the deal, each outstanding class A common share of Athene will be exchanged for 1.149 shares of Apollo common stock, representing a premium of about 16.5% to Athene's closing share price on Friday. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.