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☆ Apollo in Talks to Acquire Arconic
▼ + stars: | 2023-02-28 | by ( Lauren Thomas | Laura Cooper | ) www.wsj.com time to read: 1 min

An aluminum coil at an Arconic manufacturing facility in Alcoa, Tenn., last year. Private-equity firm Apollo Global Management Inc. is in talks to acquire aerospace-parts maker Arconic Corp., according to people familiar with the matter. Apollo submitted a bid in February and has debt financing in place, the people said.

This would help its investment bankers in their pitches to clients, especially for IPOs, one of the sources added. Klein is selling his business to Credit Suisse for $175 million, the two said earlier this month. Credit Suisse will focus on managing money for the wealthy after the carve-out. A spokesman for Credit Suisse declined to comment, as did a representative for Klein. Credit Suisse reported its biggest annual loss last year since the financial crisis and cut its bonus pool by 50% for 2022.

☆ Apollo Global appoints former U.S. Senator Patrick Toomey to board
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Apollo Global Management Inc (APO.N) said on Wednesday former U.S. Senator Patrick Toomey has been appointed to its board, effective March 15. In a political career spanning decades, Toomey represented Pennsylvania in the Senate from 2011 to 2023, serving on the Senate banking, housing, and urban affairs, budget, and finance committees. Toomey, a member of the Republican Party, previously served in the U.S. House of Representatives from 1999 to 2005, where he was a member of the house budget committee. Earlier in February, New York-based Apollo said its fourth-quarter adjusted net income rose 77% owing to strong earnings from its retirement services business, even as gains were partly offset by a steep decline in its PE portfolio.

☆ Private equity firm TPG's Q4 earnings drop 26% on lower asset sales
▼ + stars: | 2023-02-15 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 15 (Reuters) - TPG Inc (TPG.O) said on Wednesday that its fourth-quarter distributable earnings fell 26% year-on-year as it cashed out fewer investments in its private equity, growth, impact and real estate portfolios. TPG said its net profit from asset sales fell to $95 million in the fourth quarter, down 62% from the $251 million posted a year ago. TPG said its private equity funds appreciated 2.2% in the fourth quarter, its growth funds and impact funds were flat and its real estate funds fell 1.5%. The private equity funds of Blackstone, Carlyle and Apollo appreciated by 3.8%, 1% and 5.4%, respectively, while KKR's private equity funds were flat. TPG ended the fourth quarter with $135 billion in assets under management.

☆ Apollo launches new credit firm with bulk of Credit Suisse' assets
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Apollo Global Management Inc (APO.N) said on Wednesday it is creating a new credit unit that now oversees majority of assets it purchased from Credit Suisse Group (CSGN.S) as a part of the sale of Securitized Products Group (SPG). Apollo bought most of the SPG assets held by Credit Suisse in November last year as a part of a sweeping revamp for the Swiss bank, without disclosing the sale price at that time. The newly created unit, Atlas SP Partners, will focus on asset-backed financing and capital markets solutions under the leadership Credit Suisse's Jay Kim, with Apollo owning the majority of the unit. "At Apollo, we are excited to partner with ATLAS SP and accelerate our strategy to invest in more long-term, investment grade quality assets for our clients and strategic partners," Apollo's co-President Jim Zelter said in a statement. Reporting by Lavanya Ahire and Shankar Ramakrishnan; Editing by Lincoln Feast.

☆ Apollo assessing possible CS First Boston investment -source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Apollo Global Management Inc (APO.N) is among a group of financial firms considering investing in Credit Suisse's (CSGN.S) revamped investment bank CS First Boston, a source with knowledge of the matter told Reuters. U.S. asset manager and private equity firm Apollo has been contacted by the Swiss bank about investing in CS First Boston (CSFB) but has yet to make a decision, the source added. It will now focus on managing money for the wealthy and create CSFB to run its investment banking activities. Apollo has already committed to buying the bulk of Credit Suisse's securitized products group, which will be outside CSFB. Credit Suisse, which reports fourth-quarter earnings on Feb. 9, said in November that it expects to complete the transaction by mid-2023.

☆ Apollo Global in talks to buy stake in Credit Suisse unit -WSJ
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Feb 7 (Reuters) - Apollo Global Management Inc (APO.N) is among a group of financial firms in talks to buy a stake in Credit Suisse Group's (CSGN.S) revamped investment bank, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The talks with Apollo are continuing and could still fall apart, the report said, without mentioning the size of the potential stake or the potential deal value. Both Apollo Global and Credit Suisse declined to comment on the report. The entity advises on mergers and acquisitions, raises capital for clients through equity and debt markets, and provides leveraged finance as part of its core offerings. Reporting by Shivani Tanna in Bengaluru; Editing by Sohini Goswami and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Disney, Pepsi, Uber Set to Report During Lackluster Earnings Season
▼ + stars: | 2023-02-04 | by ( Dia Gill | ) www.wsj.com time to read: 1 min

PepsiCo Inc., Uber Technologies Inc. and Walt Disney Co. are among the companies slated to report earnings in the coming week, during an earnings season marked by cooling demand and throttled profits. Investors will also hear from the food makers Kellogg Co. and Tyson Foods Inc., the healthcare companies CVS Health Corp. and AbbVie Inc., as well as the private-equity firms KKR & Co. and Apollo Global Management Inc. Other companies reporting earnings include PayPal Holdings Inc., S&P Global Inc. and Chipotle Mexican Grill Inc.

On Tuesday, Western Digital CEO David Goeckeler said the partnership with Apollo and Elliott would help "facilitate the next stages of Western Digital's strategic review." The latest investment is a precursor to a potential merger between Silicon Valley-based Western Digital and Japan's Kioxia Holdings Corp, according to people familiar with the matter. The sources, who requested anonymity as these discussions are confidential, said the talks between Western Digital and Kioxia are still active. Western Digital and Kioxia jointly produce NAND chips, which are widely used in smartphones, TVs, data center servers and public announcement display panels. Qatalyst Partners, Lazard and J.P. Morgan are serving as Western Digital's financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP is serving as Western Digital's legal adviser.

☆ Private equity acquires a taste for drug development
▼ + stars: | 2023-01-09 | by ( David Carnevali | ) www.reuters.com time to read: +6 min

Jan 9 (Reuters) - Private equity firms that deemed drug development too risky for their liking in the past are increasingly investing in the sector, raising dedicated funds and coming up with deals that compensate them for the uncertainty involved. These deals are not structured as the leveraged buyouts that private equity firms are mostly known for. In most cases, the drug makers start paying the money back to the private equity firms when the drug is being developed, either by issuing equity, tapping cash on hand or borrowing. They also share a slice of the newly developed drug's revenue with the private equity firms once it's approved. Private equity firms also provide capital to spin out drugs into new companies.

☆ Direct ChassisLink changes hands in $3.6 billion deal-sources
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

The deal marks a win for Apollo, which acquired a majority stake in Charlotte, North Carolina-based Direct ChassisLink and logistics and digital supply chain solutions company Blume Global from EQT in 2019 for around $2.5 billion, including debt. Excluding Blume's remaining value, Apollo made two times the money it invested, according to a person familiar with the matter. Blume separately raised money from outside investors in 2021 at a valuation of $500 million. Direct ChassisLink controls a fleet of over 151,000 marine and 100,000 domestic chassis. Reporting by David Carnevali in New York; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Used-car retailer Carvana slumps after Wedbush says bankruptcy risk rising
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Brokerage Wedbush also downgraded its rating on the stock to 'underperform' from 'neutral,' sending Carvana's shares to a record low. "Many (Carvana) bonds have been trading at about 50 cents on the dollar, indicating investors see a high probability of default," said analyst Seth Basham, in a note titled 'Bankruptcy risk rising.' Carvana has suffered from waning used-car demand and high costs, forcing it to undertake job cuts to rein in expenses. As a result, its stock has fallen nearly 100% this year, hitting record lows in the process. Reporting by Priyamvada C, Medha Singh, Sruthi Shankar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Leon Black Is Accused in Lawsuit of Rape at Home of Jeffrey Epstein
▼ + stars: | 2022-11-28 | by ( Miriam Gottfried | Mark Maremont | ) www.wsj.com time to read: 1 min

Leon Black, at a 2015 conference in California, stepped down as Apollo’s chief executive and chairman last year. A woman sued Leon Black , alleging the billionaire co-founder of Apollo Global Management Inc. attacked and raped her in 2002 at the home of disgraced financier Jeffrey Epstein . In the suit, filed Monday in New York State Supreme Court, the woman, Cheri Pierson, alleges that Mr. Black raped her in a private suite in Epstein’s Manhattan mansion. Ms. Pierson says she entered the room believing she was going to give Mr. Black a massage in a meeting prearranged by Epstein.

[1/2] Leon Black is pictured here in Beverly Hills, California, U.S. May 1, 2018. Pierson's lawsuit in a New York state court in Manhattan seeks unspecified damages from Black for sexual assault and intentional infliction of emotional distress, and from Epstein's estate for negligence. Her law firm Wigdor LLP also represents Guzel Ganieva, a former Russian model who in June 2021 sued Black for defamation, saying he falsely claimed she tried to extort him after accusing him of rape. In a Nov. 19 letter to the Wigdor firm, Estrich said: "Mr. Black never sexually assaulted anyone anywhere at any time." His former associate Ghislaine Maxwell is appealing her conviction and 20-year prison sentence for enabling Epstein's abuse of underage girls.

☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
▼ + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com time to read: +22 min

Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.

☆ Private-Equity Giants Are Latest Targets of SEC’s Record-Keeping Probes
▼ + stars: | 2022-11-09 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

The SEC rule to preserve most employee communications risks being violated if employees discuss business over prohibited mobile apps. WASHINGTON—Wall Street’s private-equity giants are the latest companies to face regulatory investigations over deal makers’ use of banned communication channels. Apollo Global Management Inc., KKR & Co. Inc., and Carlyle Group Inc. disclosed Tuesday that they face investigations over whether their employees used messaging apps such as WhatsApp to do business. They are the most prominent asset-management firms so far to reveal their exposure to a regulatory sweep that examines compliance with record-keeping rules.

☆ Private equity firm TPG reports 60% drop in earnings as asset sales plummet
▼ + stars: | 2022-11-09 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fee-related earnings beat estimatesTPG's stock rises nearly 8%NEW YORK, Nov 9 (Reuters) - Private equity firm TPG Inc (TPG.O) said on Wednesday its after-tax quarterly distributable earnings fell more than 60% due to a plunge in asset sales across its private equity, growth, real estate and impact businesses. However, TPG's fee-related earnings, a closely watched measure that captures income from management fees, was flat at $121 million. "What we're seeing is that investors don't care so much about performance fees but about fee-related earnings and its growth trajectory," said BMO Capital Markets analyst Rufus Hone. "Fee-related earnings is predictable; every dollar of fee-related earnings is worth $2 of performance fees," Hone added. During the quarter, TPG said its private equity funds appreciated by 2.3%, growth funds rose by 3.8% and impact funds were up 2.9%, though real estate funds depreciated by 0.4%.

☆ Apollo holds crypto for clients as it expands in digital assets
▼ + stars: | 2022-10-31 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Apollo Global Management Inc (APO.N) has begun holding cryptocurrency on behalf of its clients through a partnership with digital asset platform Anchorage Digital, in a major push by one of the world’s largest asset managers to bring crypto to institutional investors. "It's the validation of this incessant drumbeat that [crypto] is here to stay," said Diogo Mónica, president of Anchorage Digital, a crypto firm that holds a national trust bank charter from the Office of the Comptroller of the Currency. Apollo, which declined to disclose what types of crypto assets it holds, said its relationship with Anchorage dates back to the middle of last year, when the firm first began exploring how best to safeguard its clients' crypto assets. "As we explore creative ways to apply blockchain technology across Apollo’s business, we look forward to collaborating with Anchorage for the safekeeping of client assets," said Adam Eling, chief operating officer of Apollo's digital assets team. Mónica said Anchorage is also engaged with discussions about how to potentially further expand its relationship with Apollo in the future.

☆ Pfizer, Uber and Starbucks Highlight Another Busy Earnings Week
▼ + stars: | 2022-10-29 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Starbucks on Thursday will report whether customers are paring back on purchases at its cafes. Pfizer Inc., Uber Technologies Inc. and Starbucks Corp. are among the heavyweights headlining another busy earnings week as investors search for insight into the state of the broader economy. Other companies on the docket to issue their latest quarterly reports include Taco Bell parent company Yum Brands Inc. and CVS Health Corp. Investors also will hear from travel companies such as Airbnb Inc., Expedia Group Inc., and Marriott International Inc., payments rivals Block Inc. and PayPal Holdings Inc., and private-equity giants KKR & Co. Inc. and Apollo Global Management Inc.

☆ Banks plan to sell Tenneco buyout debt next week -sources
▼ + stars: | 2022-10-28 | by ( Matt Tracy | Shankar Ramakrishnan | ) www.reuters.com time to read: +2 min

Banks led by Citigroup Inc (C.N) and Bank of America Corp (BAC.N) aim to begin marketing a portion of the Tenneco debt package's secured portion as early as next week, said one of the sources. The package consists of a $2.4 billion leveraged loan, a $2 billion secured bond, and a $1 billion unsecured bond. This activity is rekindling hope among banks that they may not have to suffer big loses to shed junk-rated debt from their balance sheet. If the Tenneco syndication goes well, banks are sitting on plenty of junk-rated debt they may seek to offload. This includes $11 billion in debt backing the takeover of media analytics company Nielsen and $13 billion of debt for Elon Musk’s acquisition of Twitter.

Elon Musk photo, Twitter logos and U.S. dollar banknotes are seen in this illustration, August 10, 2022. The banks, which include Morgan Stanley and Barclays Plc (BARC.L), did not respond to requests for comment. Representatives for Musk and Twitter did not immediately respond to requests for comment. He has not revealed details on Twitter's new leadership and business plan, and many debt investors are holding back until they get more details on that front, the sources said. The debt package for the Twitter deal is comprised of junk-rated loans, which are risky because of the amount of debt the company is taking on, as well as secured and unsecured bonds.

Oct 17 (Reuters) - Bank of America Corp (BAC.N) on Monday reported a smaller-than-expected 9% drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. BofA holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. "Consumers remain resilient," Bank of America Chief Executive Officer Brian Moynihan told analysts on a conference call. The bank, however, added $378 million to its loan-loss reserves as it braces for a weakening economy. Citigroup Inc (C.N) wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

Bank of America holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. Its net interest income jumped 24% in the third quarter. JPMorgan Chase & Co (JPM.N) Citigroup Inc (C.N), and Wells Fargo & Co (WFC.N) also saw their net interest income rise in the same period. read moreThe bank's leveraged loan losses were lower in the third quarter than in the second, Borthwick said. Peer Citi also wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

Oct 28 (Reuters) - Elon Musk on Thursday closed the $44 billion deal announced in April to take Twitter Inc (TWTR.N) private and took ownership of the influential social media platform by firing top executives immediately. read more Earlier this month, Musk brought the deal back on the table after previously trying to walk away from it. Musk pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. That had left Musk in need for an additional $22.4 billion of funds to cover the equity financing portion of the deal. Musk would have needed to raise an additional $2 billion to $3 billion to complete the financing for the deal.

☆ Banks close painful Citrix debt chapter with $700 mln loss -source
▼ + stars: | 2022-09-21 | by ( Abigail Summerville | Matt Tracy | ) www.reuters.com time to read: +3 min

Citrix Systems logo is seen on smartphone placed on U.S. While the syndication was completed successfully, it was done at a steep discount to the levels that the banks underwrote the debt. It was also buoyed by one of Citrix's acquirers, hedge fund Elliott Management, helping out by buying $1 billion in bonds, a second source said. They also sold a $4 billion three-year Citrix bond for 83.6 cents on the dollar, resulting in a higher than expected yield of 10%, the sources added. More debt syndication pain for the banks is on the way.

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