The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). (212) 822-0540 Together we articulated an attractive plan to generate $15 billion of deployable capital over the next five years and more than double our fee-related earnings. Log in to keep reading or access research tools. Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. Head of Marketing & Corporate . offers FT membership to read for free. 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. The lawsuit is ongoing. As a larger and more liquid company with a single class of common stock and industry-leading corporate governance, Apollo is now eligible for inclusion in the S&P 500 index. Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit - Wink Apollo and Athene are world-class franchises that have flourished as strategic partners, and we expect the full alignment achieved by our merger will accelerate our collective growth, said Apollo CEO Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. The news and analysis powering European private equity. Leon Black. Athene Holding Ltd. and Apollo Global Management LLC have obtained a temporary injunction from a Bermuda court blocking a pension fund's lawsuit claiming that Apollo is "looting" the insurance company from going forward, the Financial Times reported. Apollo buying Athene in $11B deal; COVID-19 class action allowed to Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Jim Zelter Standard Digital includes access to a wealth of global news, analysis and expert opinion. (212) 822-0491. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Our Standards: The Thomson Reuters Trust Principles. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit, Banking Essentials Newsletter: 5th May Edition, Practical steps to achieve net-zero underwriting Set a baseline, define targets and take action, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023. 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. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. Insiders Open up About Apollo Global Management CEO Marc Rowan The firm has also been building up its presence in Europe. 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. The Apollo entity said it will . Bermuda court issues temporary injunction to block Apollo, Athene lawsuit However, it hasn't been immune to concerns in the broader economy. M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Click here for the latest trending stock tickers of the Yahoo Finance platform. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. NEW YORK (Reuters) - Apollo Global Management LLC. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. We use Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. cookies Gain a global perspective on the US and go beyond with curated news and analysis from 600 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. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. IR@apollo.com, For Media: Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. The latest suit, filed Friday, is against Stephen Cernich and Huan Tseng, formerly of Athene AI-powered legal analytics, workflow tools and premium legal & business news. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC This press release does not constitute an offer of any Apollo fund. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. 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. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. "We buy something; we operate the business as if we're going to own it forever," Rowan said. In addition to the aforementioned Athene, an $11 billion all-stock acquisition it closed in 2022, Apollo currently owns security firm ADT, which it bought in 2016, and Yahoo Inc. (Yahoo Finance's parent company), which it acquired in 2021 for $5 billion. Lehman and Hill City Capital. We cant find the page you're looking for. * Apollo Global Management Inc. and Athene Holding Ltd. have agreed to merge in an all-stock transaction that implies a total equity value of roughly $11 billion for Athene. 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. Premium access for businesses and educational institutions. 3 min read. 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. When used in this press release, the words believe, anticipate, estimate, expect, intend, may, will, could, should, might, target, project, plan, seek, continue and similar expressions are intended to identify forward-looking statements. All quotes delayed a minimum of 15 minutes. Apollo to Acquire Athene Through $11B Deal | ThinkAdvisor Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Apollo said Monday it would acquire longtime affiliate Athene Holdings. Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co AEL.N, an annuities specialist that put itself up for sale in May, the Financial Times has reported. Private equity was not immune to 'the siren song of liquidity,' Apollo offers FT membership to read for free. journalists in 50+ countries covering politics, business, innovation, trends and more. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Marc Rowan Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. 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. Apollo (APO)-Athene (ATH) Merger to Create $29 Billion Firm - Yahoo Finance Compare Standard and Premium Digital here. Amanda Carstens Steward. If you reached this page via our site or search, please let us know by emailing, Epsteins Private Calendar Reveals Prominent Names, First Republic Bank Is Seized and Bulk Sold to JPMorgan, Randi Weingartens Incredible Covid Memory Loss, Disney vs. DeSantis: What to Know About Their Power Struggle, JPMorgan Buys First Republic Bank in Second-Largest U.S. Bank Failure, The Booming Texas Border Town at the Center of a Global Trade Shift. The full list of representatives can be found in the governance section of https://ir.apollo.com/. About Athene. The emails are stark and blatant examples of Siddiquis betrayal of Apollo and Athene when he was still a highly paid Apollo partner and should have been loyal, the filing said. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. Joanna Rose Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and .