RCS Capital CorporationNYSE
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  • Nov. 9, 2015, 7:55 AM
    • As floated over the weekend, the deal for Apollo Global (NYSE:APO) to take a majority stake in the real estate empire of Nick Schorsch is terminated. As part of the breakup, AR Capital is buying Apollo's $25M of preferred stock in RCS Capital (NYSE:RCAP) for $25.6M.
    • Apollo amends its deal to buy RCS Capital's wholesale distribution business, now buying it for $6M. Apollo's Marc Rowan and Anthony Civale resign from the RCAP board, effective immediately.
    • Previously: Apollo Global's bid to boost real estate business collapses (Nov. 7)
    | Nov. 9, 2015, 7:55 AM | 4 Comments
  • Nov. 7, 2015, 8:24 AM
    • The centerpiece of a complex web of transactions in which Apollo Global (NYSE:APO) would have taken control of the real estate empire of embattled Nick Schorsch has fallen apart, write Ryan Dezember and Robbie Whelan in the WSJ.
    • The deal - which would have more than doubled the size of Apollo's real estate business - had originally been announced in August, with hopes to close by early October.
    • The collapse is also a blow for Nick Schorsch and his top crew who could have earned nearly $900M in cash and Apollo stock in exchange for majority stakes in more than a dozen REITs and other property funds (assuming acceptable performance).
    • Still salvageable is an agreement for anther Schorsch vehicle - RCS Capital (NYSE:RCAP) - to sell Apollo's investment products to affluent individuals.
    | Nov. 7, 2015, 8:24 AM | 11 Comments
  • Aug. 6, 2015, 2:35 PM
    • CEO Michael Weil and CFO Brian Jones will be replaced at RCS Capital (RCAP -26.8%) once successors can be found.
    • Apollo Global (APO -1%) will purchase RCAP's wholesale distribution division for $25M, and - along with Luxor Capital Partners - invest another $37.5M in convertible preferred stock of RCAP.
    • RCAP's business will be refocused on Cetera Financial Group, with Cetera entering a strategic relationship with Apollo in which its sales force will sell Apollo products.
    • The RCS Capital Management services agreement will be terminated, with 3M shares issued to Luxor Capital and 2.6M shares issued to members of RCAP management as part of the termination.
    • Apollo co-founder Marc Rowan and Anthony Civale - COO of Apollo Credit - will join the RCAP board.
    • The board also forms a committee to explore further options to enhance shareholder value.
    • RCAP shares are halted from trade, but were up sharply ahead of the announcement.
    | Aug. 6, 2015, 2:35 PM | 9 Comments
  • Aug. 6, 2015, 11:01 AM
    • RCS Capital (RCAP +14.3%) earlier announced a delay in the release of Q2 results while it finalized a pending material transaction. A conference call is set for 2 ET.
    • Among the possibilities are a sale of the company, a going-private deal, or the purchase of another broker-dealer.
    • Previously: RCS Capital delays earnings release while deal is finalized (Aug. 6)
    | Aug. 6, 2015, 11:01 AM | 3 Comments
  • Jul. 8, 2014, 4:41 PM
    • The merger between RCS Capital (RCAP) and Investors Capital (ICH) - originally announced last October - is expected to close on July 11, and consideration of $52.5M will be paid with a combination of cash of RCS common stock.
    | Jul. 8, 2014, 4:41 PM
  • May 20, 2014, 8:25 AM
    • The deal with Validus Strategic Capital Partners brings SC Distributors and SC Advisory Services into the RCAP fold. The transaction is expected to close in Q3.
    | May 20, 2014, 8:25 AM
  • Jan. 16, 2014, 12:00 PM
    • RCS Capital (RCAP) agrees to acquire broker-dealer Cetera Financial Group from Lightyear Capital for $1.15B in cash; shares are halted.
    • Following the transaction, Cetera will become part of RCAP's retail advice platform, complementing the recent acquisitions of Summit Brokerage Services and Investors Capital Holdings.
    | Jan. 16, 2014, 12:00 PM
  • Oct. 28, 2013, 7:11 AM
    • The purchase price of $52.5M is comprised of cash and RCAP common stock, and - following the merger - ICH and its businesses will continue to operate under the "ICH" brand and under the leadership of its current management team. The deal is expected to close in 2014 Q1. The sale price looks to be about a 10% premium to ICH's Friday close.
    • The chairman of RCAP is none other than American Realty Capital Properties (ARCP) head Nicholas Schorsch.
    | Oct. 28, 2013, 7:11 AM
  • Oct. 2, 2013, 10:17 AM
    • Broker-dealer Investors Capital (ICH +16%) was temporarily halted due to volatility (but just reopened) after agreeing to be sold to RCS Capital (RCAP +0.2%) for as yet undisclosed terms.
    • With money to invest following its June IPO, RCAP has been busy, and yesterday announced an agreement to purchase the Hatteras Funds Group.
    | Oct. 2, 2013, 10:17 AM