Wed, Jul. 29, 8:08 AM
- Q2 economic net income of $154.7M or $0.38 per share vs. $207.3M and $0.52 one year ago, with carried interest income of $94.9M down from $279.6M.
- Distributable earnings of $199.5M or $0.42 per share vs. $227.2M and $0.46 one year ago. Payout ratio of 88% vs. 90%. Incentive business distributable earnings of $92.7M down from $149.3M.
- Private Equity economic income of $63M vs. $119.2M a year ago. Funds up 2.7% in Q2, up 5.2% YTD, up 4.6% last twelve months.
- Credit economic income of $95.8M vs. $143.6M a year ago. Funds up 1.2% in Q2, up 3.2% YTD, and 4.2% LTM.
- Real Estate economic loss of $1.3M vs. a profit of $3.6M a year ago. Funds up 4.6% in Q2, up 6.2% YTD, up 15.3% LTM.
- Total AUM of $162.5B vs. $167.5B a year ago. Fee-generating AUM of $128.3B down from $130.3B. Carry-eligible AUM of $81B vs. $86.4B. $27.9B of dry powder.
- Conference call at 10 ET
- Previously: Apollo Global Management beats by $0.03, beats on revenue (July 29)
- APO flat premarket
Wed, Jul. 29, 7:08 AM
Tue, Jul. 28, 8:54 PM
- ConAgra (NYSE:CAG) has started talks with TreeHouse Foods (NYSE:THS) and Post Holdings (NYSE:POST) regarding the sale of its Ralcorp private label unit, which could be valued at ~$3.5B, Reuters reports.
- The companies are said to have joined P-E firms including Apollo Global Management (NYSE:APO) and Cerberus Capital Management in the auction for Ralcorp.
- Ralcorp, which makes private label cereal, pasta, crackers, jams and jellies, syrups and frozen waffles, has been plagued by integration costs and pressured profit margins since it was acquired by CAG for $5.1B in 2013.
Tue, Jul. 28, 5:30 PM
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Thu, Jul. 23, 2:56 PM
- Continuing to shed legacy assets, Royal Bank of Scotland (RBS -2.8%) agrees to the sale a £1.14B pound loan portfolio to an entity funded by Deutsche Bank and funds of Apollo Global (NYSE:APO) for £400M in cash. The portfolio generated a loss of £70M last year, and RBS had it valued on its books at £376M, thus generating a £24M profit on the sale.
- The other £549M portfolio sold to Cerberus Capital for £225M. It was on RBS's books valued at £223M.
Thu, Jul. 23, 8:26 AM
- The threat of bankruptcy now lingers around Caesars Entertainment (NASDAQ:CZR) after a devastating court ruling sent shares crashing late yesterday, down 40.7% at the bell.
- The company says it will fight the decision which puts it on the hook for hundreds of millions owed by its operating unit.
- Other stocks hit late yesterday by the Caesars drama include Caesars Acquisition Company (NASDAQ:CACQ) which fell -13.5% and PE-backer Apollo Global Management (NYSE:APO) with a -2.8% loss.
- CZR is down another 4.7% in today's premarket session.
Tue, Jul. 7, 9:08 AM
- Hostess Brands, the bakery firm that was pursuing a sale after two years under private-equity ownership, has taken itself off that market and will pursue an IPO instead, Reuters reports.
- The company reportedly turned down offers from other companies and P-E firms that valued it from $2.4B-$2.5B including debt. It'll now seek a new loan to pay a dividend to its owners, Dean Metropoulos and Apollo Global Management (NYSE:APO).
- Hostess has turned its business around quickly after filing for bankruptcy three years ago, but its market share is still below pre-bankruptcy levels.
- Brands have been relaunched and profitability has improved since being bought out of bankruptcy.
- Snack rivals: MDLZ, HSY, FLO, OTCPK:GRBMF.
Tue, Jun. 30, 12:28 PM
- Apollo Global (NYSE:APO) teams up with the European Bank for Reconstruction and Development to buy Nova KBM for $279M. Apollo with own 80% of the lender, and the EBRD the rest.
- The bank was rescued by the government in 2013 and is one of 15 firms targeted for privatization (it's the fifth to be sold).
- Source: Reuters
Mon, Jun. 29, 8:07 AM
- Molycorp's (MCP) bankruptcy is set to leave credit-investing giant Oaktree Capital (NYSE:OAK) unharmed while rival Apollo Global Management (NYSE:APO) and other junior creditors lick their wounds, WSJ reports.
- Oaktree beat out Apollo and other investment firms last year to provide up to $400M in rescue financing to Molycorp, a deal that allowed Oaktree to negotiate for a relatively safe position in a restructuring of the mining company’s debt.
Thu, Jun. 25, 3:07 PM
- Among those who placed initial bids last week for GE's health-care finance unit was the diverse group of Capital One (NYSE:COF), Apollo Global (NYSE:APO), Ares Management (NYSE:ARES), and Ventas (NYSE:VTR), reports Bloomberg. The operation could fetch more than $11B, say sources.
- The sale of the unit comes as GE is in the process of breaking up GE Capital by selling several lending businesses totaling roughly $200B in assets.
Tue, Jun. 16, 2:57 PM
- An earlier report from Reuters has Blackstone (NYSE:BX) and The Carlyle Group (NASDAQ:CG) making a joint bid to take out NCR for more than $10B, and NCR is up 10.7% on the news. Also mulling a bid are Apollo Global (NYSE:APO) and Thoma Bravo, according to Reuters.
- Previously: NCR +14.8%; Blackstone, Carlyle reportedly making joint bid (June 16)
Mon, Jun. 8, 7:00 AM
- Apollo Global Management (NYSE:APO) is in exclusive talks to buy Saint-Gobain's (OTCPK:CODYY) glass-packaging unit Verallia for €2.9B ($3.3B), after trumping four rival bids. The deal is expected to be finalized this year.
- Apollo is also in discussions with BPIFrance, a French government-owned investment fund, about the latter's potential acquisition of a minority stake in Verallia.
Mon, Jun. 1, 8:17 AM
- Funds managed by affiliates of Apollo Global (NYSE:APO) agree to purchase OM Group (NYSE:OMG) for $34 per share in cash - 28% above Friday's close.
- Apollo in turn will spin off OM's Electronic Chemicals and Photomasks businesses to Platform Specialty Products (NYSE:PAH) for $365M in cash. The businesses generated $28M of adjusted EBITDA last year, and PAH sees synergy opportunities north of $20M over the next two years.
- Source: Press Release
Wed, May 27, 3:20 PM
- Among those expected to submit final offers tomorrow are the Canada Pension Plan, Guggenheim Securities, Apollo Global (NYSE:APO), and Ares Management (NYSE:ARES), reports the WSJ, which says the unit could fetch more than $17B. Other participants could be foreign banks, SWFs, and insurance companies.
- GE's sponsor-finance business lends money for the buyouts and operations of midsize companies by private-equity firms. The unit has more than 400 loans outstanding, the majority below $100M, and a team of roughly 300 originating loans and managing the portfolio.
- Previously: Bloomberg: GE near deal to sell fleet-management assets (May 26)
Wed, May 20, 3:19 PM
- Morgan Stanley's thesis that cash earnings would decline as Apollo Global (APO +1.5%) neared the end of its harvesting cycle played out in Q1, with the P-E business contributing just $0.13 per share in net realized performance fees (vs. the $1.08 peak in 2013 Q2).
- With the stock underperforming by 1,900 basis points in 2015, things could be bottoming out, says Morgan, upgrading to Equalweight from Underweight.
- If the shares were going to go much lower, says Morgan, they would have already done so given management stock sales and the weakest results in nearly three years.
- "Faster deployment in Fund VIII won't benefit near-term cash earnings, but it could boost or pull forward the start of APO's next harvest and the meaningful inflection point in cash earnings we expect in 2018."
Tue, May 12, 3:42 PM
- Apollo Global Management (NYSE:APO) is leading the creditor group seeking to take control of Magnetation after the iron ore producer that filed for bankruptcy last week, Bloomberg reports.
- APO increased its share of the company’s bonds after AK Steel (NYSE:AKS) pulled the plug on the joint venture last month, taking a $256M impairment charge on its 49.9% stake following a plunge in iron ore prices and citing Magnetation’s inability to access more capital.
- The secured creditors will get 75% of new common stock, 90% new convertible preferred stock and $235.5M in second-lien notes.
APO vs. ETF Alternatives
Apollo Global Management LLC along with its subsidiaries operates as an alternative asset management company. It raises, invests & manages private equity, credit & real estate funds as well as strategic investment accounts, on behalf of it clients.
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