Apollo Management

From Wikipedia, the free encyclopedia

Apollo Management L.P. 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.

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.

On March 20, 2007, Claire's Stores, Inc. announced that the company is expected to announce a deal to be purchased by Apollo Management, which would value the company between $2.7 billion and $3 billion.

On February 20, 2007, 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.

On December 18, 2006, Apollo Management announced it had made a proposal to acquire Realogy Corporation.

On December 19, 2006 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 still subject to approval by stockholders and regulators.

On March 21, 2007 Claire's Stores were acquired by Apollo Management in a deal valued at $3.1 billion.

Currently Apollo invests about $12 billion of new capital.


- March 13, 2007 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.

- March 27, 2007 - 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.

- March 30, 2007 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.

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