is a Private Equity L.P. firm, founded in 1990 by Leon Black (''Apollo Advisors''). Based in New York , it has also offices in Los Angeles and London . It has invested over $16 billion in companies inside and outside of the United States .
Founded c. 1991 by Leon Black formerly of Drexel Burnham
- In late 2006, US buy-out firm Apollo Management has agreed to acquire Wilton, Connecticut-headquartered GE Advanced Materials (Silicones & Quartz) from GE in a deal valued at approximately $3.8 billion in cash and securities and rename it '''Momentive Performance Materials'.
- TNT concluded the sale of their logistics business. After an intense sales process that involved many interested parties, TNT decided to sell TNT Logistics to Apollo Management L.P. for €1,480 million on a cash and debt free basis. Even though TNT had some difficult discussions on the deal and recorded a book loss of nearly €100 million, they were convinced that the sale was a better decision than continuing to try to improve returns from this complex business. TNT received proceeds of €1,335 million, of which €15.5 million was received in the form of a 5% equity stake in the new company. This company changed their name from TNT Logistics to '''CEVA Logistics''' early in 2007.
- Apollo Management announced it had made a proposal to acquire '''Realogy Corporation'''. See April 10, 2007 for update.
- Apollo's buyout of Harrah's Entertainment in partnership with Texas Pacific Group for $17.1 billion was approved by Harrah's board. The deal is was subject to approval by stockholders and regulators (see April 6, 2007)
- Boston.com reported '''Smart & Final, Inc'''. announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Apollo Management. The merger is expected to close in the second quarter of 2007.
- Boston.com reported Polygon builds key Countrywide stake before bid vote. Polygon raised its share of property firm '''Countrywide''' to 24.8 percent on Tuesday, giving it almost a blocking stake in next week’s vote on Apollo Management LP’s 1-billion pound bid. U.S. fund Polygon increased its stake from 24.79 percent, according to regulatory filings. It has boosted its Countrywide stake from the 6.4 percent held on February 21, when Apollo first proposed its offer. Countrywide shareholders are set to vote on April 13 on the takeover, which has been recommended by management. Under the offer’s Scheme Of Arrangement Apollo needs the support of 75 percent of voting shareholders to buy Countrywide. A bid for the property company by private equity firm 3i failed earlier this year. ('''Further development on April 13''')
- Bloomburg News reported Two private equity firms appear to be the front-runners in the quest to buy Chrysler Group, the troubled U.S. arm of DaimlerChrysler AG. Cerberus Capital Management LLC and a consortium of investors headed by Blackstone Group and Centerbridge Partners LP spent much of last week at Chrysler's Auburn Hills, Mich., headquarters crunching numbers and meeting with top Chrysler executives, a company official said Tuesday. The Chrysler official, who spoke on condition of anonymity due to the sensitive nature of the talks, said potential bidders were deeply studying Chrysler's finances. Canadian auto parts maker Magna International and General Motors Corp. also reportedly have looked into buying all or part of Chrysler Group. Private equity firms '''Apollo Management LP''' and the Carlyle Group also are said to be interested.
- '''Claire's Stores''' were acquired by Apollo Management in a deal valued at $3.1 billion.
- Apollo Suit Suggests LBO Shift. In a rare move for a private-equity firm, '''Apollo Management LP''' sued '''EGL Inc'''. to block a sale of the Houston logistics concern to a group led by the company's chief executive. Apollo also raised its buyout offer by $1 a share to $41.The suit, filed in Harris County, Texas, also names EGL Chief Executive Officer James Crane and the company's directors. The complaint seeks access to information about the company and a level auction playing field that Apollo contends it has been denied.
- Bloomburg News reported '''Realogy Corp.''' (H) said Friday its shareholders have approved the company's acquisition by an affiliate of '''Apollo Management''' L.P. Realogy, Parsippany, N.J., a real-estate brokerage group, expects the deal to close by April 10. (''See April 10 - completed'')
- Investors may have a new initial public offering from a private equity group to consider, as reports surfaced Wednesday that Apollo Management LP might follow in the footsteps of Blackstone Group and Fortress Investment Group. Apollo hired Goldman Sachs Group Inc. and JPMorgan Chase & Co. to look into a public offering. Blackstone said two weeks ago it will offer shares to the public, and Fortress went public in February. Apollo would offer a small portion of its business, worth $1.5 billion, the newspaper said, citing sources close to Goldman Sachs and Chase. Management denies any plans are in the works, the Journal added, but a deal could be announced by May.
- Bloomburg News '''Harrah's Entertainment Inc'''. - Texas Pacific Group and Apollo Management L.P. join the top ranks of investors rolling the dice on the long-term health of the casino industry in both the U.S. and abroad. Approved yesterday Harrah's stockholders, the $17.1 billion buyout places the new owners at the helm of the world’s largest casino-related entertainment company.
- Bloomburg News '''Realogy Corporation''' today announced the completion of its merger with an affiliate of Apollo Management, L.P. The transaction was consummated at an aggregate enterprise value of approximately $8.5 billion. Realogy is the world’s largest real-estate franchisor, owning the brands Coldwell Banker, Century 21, ERA and Sotheby’s International Realty..
- ZUG, Switzerland --Mining company '''Xstrata PLC''' said Wednesday it will sell its aluminum business to Apollo Management LP for $1.15 billion in cash. The disposal follows a comprehensive strategic review by Xstrata, which examined a number of options for these assets," the company said in a statement.The business being sold -- known as Noranda Aluminum -- comprise a primary smelter in Tennessee and three rolling mills in Tennessee, North Carolina and Arkansas along with other operations, the company said in a statement. Switzerland-based '''Xstrata''' won control of Canadian mining company '''Falconbridge Ltd'''. last year after a heated battle against Inco Ltd. and copper miner Phelps Dodge Corp. The $18.8 billion deal allowed Xstrata to diversify into nickel and aluminum and enter the North American market.
- Boston.com Shareholders of '''Countrywide Plc,''' the U.K.'s largest residential real estate broker, approved Apollo Management LP's 1.05 billion pound ($2.1 billion) buyout, ending a seven-month battle for the company. The cash-and-share offer got 98.1 percent of the votes cast at a shareholder meeting in London today. Apollo, the U.S. buyout firm run by Leon Black, needed 75 percent of the votes to buy Countrywide, which is based in Witham, Essex. ``This represents good value for our shareholders,'' Countrywide Chairman Christopher Sporborg told reporters after the vote. ``Hopefully the company will flourish out of the public spotlight.''Apollo yesterday raised its offer to ward off an unidentified company that approached Countrywide. In January, Countrywide's shareholders rejected a bid by 3i Group Plc, Europe's biggest publicly traded buyout firm, after some investors said it was too low. The acquisition of Countrywide would give New York-based Apollo about 1,200 outlets throughout the U.K. and the country's largest valuations and property surveying business. U.K. house prices are rising at the fastest pace in two years and real estate brokers are reporting the smallest number of unsold properties on their books for three years.
- Hotel owner '''Innkeepers USA Trust''' said Monday it will sell to private-equity fund Apollo Investment Corp. for $1.5 billion - but some investors are banking on a bidding war. Palm Beach-based Innkeepers USA (NYSE: KPA) is a real estate investment trust that owns 74 hotels throughout the country, many of them under the Residence Inn and Hampton Inn brands. The sale price of $17.75 a share represents a 7.9 percent premium over Friday's closing price of $16.45.
- '''Intelsat''', whose 51 commercial satellites beam down pictures for some of the world's largest broadcasters, has been put up for sale by its private equity owners with a price tag of at least $17bn (£8.4bn). Blackstone, the giant buyout firm, triggered an auction when it made a bid that valued the company's equity at about $6bn. Intelsat has also been loaded up with $11bn in debt by its owners, a consortium of Apax Partners, Permira, Madison Dearborn and ''Apollo Management''. Satellite companies have proved popular targets for private equity firms since, after the high cost of launching a new satellite, they generate steady cash flows from broadcasters and governments, who use them to transfer video and information around the globe. Intelsat's customers include the US television networks ABC and CBS, France Telecom, News Corp and the US military. It became the world's largest commercial satellite operator after acquiring PanAmSat for $3.2bn two years ago, and last year it had revenues of $1.7bn.
- Shipping company '''EGL Inc'''. said a $1.75 billion takeover offer from private equity firm Apollo Management was superior to its existing agreement to be taken private for $1.55 billion by an investor group led by EGL's Chief Executive James Crane. pollo, bidding through its shipping affiliate CEVA Group Plc, offered $43 for each share of EGL, compared with a $38-per-share agreement with the Crane group. The agreement with the Crane group currently remains in effect, but EGL (Charts) said it notified the group that it deemed the rival bid from Apollo as a superior offer. The Crane group can submit a new bid through May 11. If Crane failed to submit a revised proposal, EGL can pay a $30 million termination fee to break the merger agreement. EGL, which competes with Expeditors International of Washington (Charts, Fortune 500), agreed in March to be acquired by Crane's investor group. It marked Crane's second attempt to take the company into private ownership. Crane's group includes private equity firm Centerbridge Partners LP; and Woodbridge Co. Ltd., an investment group formed by Canada's Thomson family.
- : CEVA, a company owned by US private equity group Apollo Management LP, lifted its offer to 46 usd per share on Saturday, trumping an offer of 45 usd per share made by Crane -- backed by private equity firms Centerbridge Partners LP and Woodbridge Co -- on the previous day. EGL's Special Committee has determined CEVA's revised proposal the superior offer but said the current merger agreement with the Crane group remains in effect. It has has notified the Crane group of its determination and its availability to discuss and negotiate any revised proposal before May 16. If the Special Committee remains convinced of the superiority of the CEVA group proposal, however, it may terminate the merger agreement with the Crane group and enter into an agreement with the CEVA group, it said. EGL would have to pay a termination fee of 30 mln usd if the merger with the Crane group were not to proceed. The Crane group originally offered 36 usd per share for the company in March. CEVA, which was previously known as TNT Logistics, initially launched a counter-bid of bid 40 usd per share and raised its offer to 43 usd per share earlier this month.
- : ''' EGL Inc.''' said a buyout group led by Chief Executive Officer James Crane boosted its offer for the freight-management company again, to $46.25 a share, extending a bidding war with Apollo Management LP. Apollo's $46 per share offer is ``no longer a superior proposal, Houston-based EGL said in a statement on its Web site. EGL said it would consider a revised offer from Apollo, which is bidding through its Ceva Logistics unit. Crane's letter didn't give a total dollar amount for its bid. Apollo, a buyout firm led by Leon Black, values its offer at $1.95 billion, including fully diluted shares and options due at closing, and EGL had given Crane's group until the end of business on May 16 to top it. The new offer from Crane continues a five-month battle over EGL, which manages freight shipments for businesses. The bidding war drove up the price of EGL shares more than 50 percent and added more than $750 million to the takeover price.
- :EGL Accepts Buyout Offer From Apollo
By DOW JONES/AP
Published: May 25, 2007
The logistics company EGL has ended its buyout agreement with its chief, James R. Crane, and has accepted a higher offer from Ceva Logistics, which is owned by Apollo Management.
Apollo raised its bid to $2 billion on Monday, or $47.50 a share, four days after the Crane-led group raised its offer to $46.25, topping Apollo’s previous bid of $46.
Mr. Crane’s group, which includes the private equity firms Centerbridge Partners and Woodbridge, had until the close of business Wednesday to raise its offer. Mr. Crane, EGL’s largest shareholder, originally offered $36 a share on Dec. 29. At that time, the share price was $29.78.
The bidding war resulted in Apollo raising its bid four times and the Crane group raising its offer three times. Mr. Crane’s group will get a $30 million breakup fee as compensation.
EGL provides international air freight and ocean freight forwarding and related logistics services, including document preparation, packing and handling, insurance and monitoring. The company also provides pickup and delivery, customs brokerage services and online tracking.
- : Shareholders of '''Claire's ''' Stores voted heavily in favour of the company's proposed merger with an affiliate of Apollo Management for US$3.1bn. Claire's said late Thursday (24 May) that the votes cast in favour of the deal represented about 75% of eligible voting power, clearing the way for the company to go private as early as next week. Upon consummation of the deal, shareholders will receive $33 in cash for each share of stock owned.
- : '''Claire's Stores Inc.''', Pembroke Pines, Fla., announced that it has closed its deal to be purchased by private-equity firm Apollo Management LP for $3.1 billion, according to the Associated Press. Under terms of the buyout, Claire's Stores shareholders will receive $33 in cash per share. Claire's, which sells low-cost costume jewelry and accessories primarily to pre-teens, teens and young adults, currently operates about 3,000 stores under the names Claire's and Icing by Claire's . '''Display & Design Ideas - Jun 04 11:17 AM'''
. last week completed its merger with an affiliate of private investment company Apollo Management, L.P.'''Progressive Grocer - Jun 04'''
Currently Apollo invests about $12 billion of new capital.
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