Yesterday, 1:56 PM
- Outerwall (NASDAQ:OUTR) announces the deal to be acquired by affiliates of Apollo Global Management (APO +0.2%) for $52.00 per share has been completed.
- The company's segments will be managed and operated as three distinct businesses. Galen Smith was named CEO of Redbox, while James Gaherity and David Maquera will run the Coinstar and ecoATM businesses, respectively. Current Outerwall CEO Erik Prusch will step away.
- Source: Press Release
Yesterday, 1:08 PM
- With payment made, Apollo Global Management (NYSE:APO) has wrapped its purchase of kiosk operator Outerwall (NASDAQ:OUTR).
- Apollo paid $52/share (total enterprise value of $1.6B, including debt). On Sept. 23, about 69.3% of the outstanding shares of Outerwall were tendered and accepted.
- The firm said Outerwall's segments will be operated as three distinct businesses: Galen Smith will run Redbox as its CEO, James Gaherity will serve as CEO of Coinstar, and David Maquera will act as CEO of ecoATM.
- Outerwall CEO Erik Prusch is leaving the company.
Yesterday, 11:12 AM
- "For any professional investor, this is the most difficult period we’ve ever experienced,” says Joe Baratta, Blackstone's (NYSE:BX) global head of private equity. “You have historically high multiples of cash flows, low yields. I’ve never seen it in my career. It’s the most treacherous moment.”
- For private-equity players, lofty valuations make it a great time to cash in on investments, but a not-so-great time to redeploy capital into new deals. Not finding a lot of value in large LBOs, Baratta says Blackstone is targeting smaller companies with lower leverage.
- Source: Bloomberg's Devin Banerjee
- Other interested parties: Carlyle Group (NASDAQ:CG), Apollo Global (NYSE:APO), KKR, Fortress Investment (NYSE:FIG)
Mon, Sep. 19, 6:21 PM
- Community Health Systems (NYSE:CYH) +7.1% AH higher following a Reuters report that Apollo Global Management (NYSE:APO) is among P-E firms and REITs in talks to acquire some of the company's assets.
- APO is seeking to add scale to its RegionalCare Hospital Partners portfolio company with more hospitals, according to the report.
- CYH said earlier that it was in the early stages of exploring a variety of options with unnamed financial sponsors, as well as other unspecified alternatives.
- On Friday, Bloomberg published a report speculating on a potential sale of CYH that offered few statistics.
Fri, Aug. 26, 8:56 AM
Tue, Aug. 23, 7:21 PM
- Four of the private equity funds at Apollo Global Management (NYSE:APO) will pay $52.7M to settle SEC charges that they misled investors.
- The funds were charged with false information about fees and a loan agreement, and with failing to supervise a senior partner who charged personal expenses to the funds.
- That partner was Ali Rashid, Bloomberg reports. The SEC is said to be considering suing him for violating federal securities laws.
- The settlement means Apollo does not admit or deny the allegations.
- Advisers were charged with not adequately disclosing benefits they received by speeding up fee payments from companies in the funds' portfolios, which then reduced the value of the companies before their sale or IPO (and thus reduced distributions to fund investors).
- Apollo had enhanced disclosure and compliance "long before the SEC inquiry began," a spokesman says.
Fri, Aug. 19, 8:06 AM
- Nike (NYSE:NKE) and Apollo Global Management (NYSE:APO) struck a supply chain partnership aimed at speeding up delivery and boosting regional manufacturing capabilities.
- The new company created through the partnership has already acquired two smaller suppliers in the Americas and will look for more synergistic deals.
- Terms of the arrangement weren't disclosed.
Wed, Aug. 3, 8:44 AM
- A consortium led by Apollo Global Management (NYSE:APO) has emerged as the front-runner for Anglo American's (OTCPK:AAUKF, OTCPK:AAUKY) Australian met coal mines, valued at as much as $1.5B, Reuters reports.
- APO has teamed up with energy-focused P-E firm Riverstone Holdings and Pennsylvania coal exporter Xcoal Energy & Resources, and is on site finalizing details of the deal, according to the report.
- Reuters previously reported that BHP Billiton (NYSE:BHP) and Glencore (OTCPK:GLCNF, OTCPK:GLNCY) as well as suitors from China, Japan and India were looking at the assets.
Wed, Aug. 3, 7:15 AM
Tue, Aug. 2, 5:30 PM
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Mon, Jul. 25, 8:36 AM
- Outerwall (NASDAQ:OUTR) announces it will be acquired by affiliates of Apollo Global Management (NYSE:APO) for $52 per share in a deal that will see the company go private.
- The total enterprise value of the deal is $1.6B, including debt. The transaction is expected to close in Q3.
- OUTR closed at $46.91 on Friday. Shares are currently under a Nasdaq trading halt.
Thu, Jul. 21, 4:00 PM
- Less than two years after buying the IT service firm (from another P-E player for an undisclosed price), Apollo Global (APO +1.3%) is considering taking Presidio public, reports the WSJ. The listing, say the Journal's sources, could value Presidio at more than $2B.
- Always the contrarians, Apollo is thinking about a public listing during the slowest IPO market since the financial crisis. Just 50 companies have come public YTD vs. 113 for the same period last year. The offerings have raised $11.1B, 50% lower than a year ago.
Fri, Jul. 15, 4:30 PM
- Ferro (NYSE:FOE) -10.3% AH following a Reuters report that it turned down takeover offers from P-E firms Apollo Global Management (NYSE:APO) and CVC Capital Partners as too low.
- FOE's board reportedly met this week and rejected the offers, which were below the company's current trading price of ~$14/share.
- FOE may explore other alternatives if the P-E firms fail to improve their offers, and may consider making an acquisition itself, according to the report.
Thu, Jul. 7, 6:35 PM
- Apollo Education Group (NASDAQ:APOL) is up 2.2% after hours following a fiscal Q3 report where it beat on top and bottom lines after pursuing cost cuts.
- Revenue slipped 18% but beat analyst expectations, and income from continuing operations fell to $20.7M from a year-ago $50.3M.
- Adjusted EBITDA fell to $90.7M from a year-ago $132.2M but beat an expected $77.2M.
- University of Phoenix New Degreed Enrollment was 17,900 and Degreed Enrollment 155,600, vs. a year-ago 29,400 and 206,900.
- The company's not holding a conference call or providing guidance due to the pending takeover by a consortium including Apollo Global (NYSE:APO), Vistria Group and Najafi Cos. At $9.24 after hours, share price is getting closer to the $10 acquisition price.
- Press Release
Wed, Jun. 29, 9:23 AM
- The all-cash deal works out to $30.25 per share, about 26% higher than yesterday's close and 58% above the price in February when the company announced its intention to look into a sale.
- There is no financing contingency, and the deal is expected to close over the next few months.
- SA contributor Chris DeMuth has suggested DRII could be worth $36-$39 per share to a buyer like Wyndham (NYSE:WYN).
- DRII +24% premarket to $29.82.
Wed, Jun. 29, 8:18 AM