Tegna bid increased by Standard and Apollo, Dealreporter says » 15:4911/2411/24/21
Bidders Standard Media…
Bidders Standard Media and Apollo Global Management (APO) have raised their offer for broadcaster Tegna (TGNA), with one source stating that the revised bid values the company at above $22.65 per share, reported Dealreporter's Hanqing Chen and Bhavna Kaul, contacts tell The Fly. The consortium's prior bid for Tegna was $22 per share.
Apollo Global to acquire 50% stake in Broad Reach Power from EnCap » 08:1311/2211/22/21
Apollo and EnCap Energy…
Apollo and EnCap Energy Transition Fund I announced that funds managed by Apollo affiliates have agreed to acquire a 50% stake in Broad Reach Power, a utility-scale energy storage and renewable energy platform in the US. The Apollo Funds will acquire the stake from existing investor EnCap Investments and its co-investment partners Yorktown Partners and Mercuria Energy. EnCap and its co-investment partners will retain the other 50% stake and, together with the Apollo Funds, commit to invest up to $400M of additional equity to fund Broad Reach's continued expansion and growth pipeline. "At Apollo we have been highly active in the energy transition, and we are thrilled to join EnCap in this investment in Broad Reach, which in our view is the premier energy storage leader in the US," said Geoff Strong, Senior Partner and Co-Head of Infrastructure and Natural Resources at Apollo. "Broad Reach has a scaled, high-performing platform that is well positioned for strong continued growth, particularly as the shift to more intermittent clean energy increases volatility and drives demand for energy storage."
|Over a week ago|
Apollo tells Bloomberg Roger Ferguson can't join as vice chairman » 12:2711/1511/15/21
Apollo Global Management…
Apollo Global Management told Bloomberg that Roger Ferguson, the former chief executive officer of TIAA, is being prohibited by his ex-employer from joining the firm. Apollo last month announced that Ferguson would become its vice chairman. "Roger recently informed us that he has certain ongoing commitments with his prior employer and they are preventing him from working with us at this time," Apollo told Bloomberg in an emailed statement."
Apollo Global names Toby Myerson as Senior Advisor to Apollo Japan » 08:2511/1111/11/21
Apollo announced that…
Apollo announced that Toby Myerson has been named as a Senior Advisor to Apollo Japan. Myerson is a veteran of the legal and finance industry with a long history of doing business in Japan, including building the Japan practice for Paul, Weiss, Rifkind, Wharton & Garrison. Myerson joins Apollo as the firm continues to grow its asset management and retirement services business in Japan and the broader Asia Pacific region. "The addition of Toby is another step in Apollo's recent expansion in Japan. This year Apollo's private equity business has completed or announced two significant and complex corporate carveouts in Japan - one with Mitsubishi Chemical and another with Showa Denko - showcasing its ability to help major corporations execute on their corporate objectives. Additionally, the firm's strategic partner Athene recently completed two reinsurance transactions with Japanese insurance companies, helping to provide Japanese individuals with safe retirement income products," the company said. In addition to serving as Senior Advisor to Apollo, Myerson is the CEO and Chairman of Longsight Strategic Advisors, a business advisory firm he founded in 2017.
Wejo, Virtuoso Acquisition in purchase pact with Apollo for up to $75M 10:2611/1011/10/21
Athene Holding price target raised to $88 from $68 at Truist » 09:1611/0911/09/21
Truist analyst Mark…
Truist analyst Mark Hughes raised the firm's price target on Athene Holding (ATH) to $88 from $68 and keeps a Hold rating on the shares. The analyst cites the company's Q3 earnings beat and higher projections for Q4 stemming from the gains in Athene's holdings of Apollo (APO) ahead of their expected merger in January. Hughes also raises his FY21 EPS view on Athene to $14.48 from $12.95.
Apollo Global price target raised to $90 from $76 at Argus » 07:5911/0911/09/21
Argus analyst Stephen…
Argus analyst Stephen Biggar raised the firm's price target on Apollo Global to $90 from $76 and keeps a Buy rating on the shares. The analyst cites the company's Q3 earnings beat and last month's Investor Day, which it outlined plans to increase its assets under management to $1T over the next five years. Biggar adds that his higher price target reflects higher distributable earnings assumptions for Apollo Global, along with the expected continued robust environment for monetizations.
Apollo Global to acquire Global IID, terms not disclosed » 16:5211/0811/08/21
Apollo announced that…
Apollo announced that funds managed by its affiliates have entered into a definitive agreement to acquire Global IID Holdco and its subsidiaries, including 1A Smart Start, the leading global provider of alcohol monitoring solutions. Financial terms were not disclosed. The transaction is subject to customary closing conditions and is expected to be completed by year-end of 2021.
Apollo Global names Carletta Ooton Head of ESG for Private Equity » 07:2911/0811/08/21
Apollo (APO) announced…
Apollo (APO) announced that Carletta Ooton has joined the Firm as Head of ESG for Private Equity and an Operating Partner within Apollo's Portfolio Performance Solutions platform. Ooton joins Apollo from Amazon (AMZN), where she served as Vice President of Product Assurance, Risk and Security since 2014, overseeing several international teams focused on safety, compliance, product quality and global operations.
Fly Intel: Top five analyst upgrades » 09:5111/0511/05/21
NFLX, SRPT, CWEN, APO, EOG
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Netflix (NFLX) upgraded to Buy from Hold at Erste Group with analyst Hans Engel saying Netflix should continue to increase its operating margin in 2021 and also intends to expand the operating margin by an average of three percentage points per year, noted Engel, who adds that Netflix's growth is "particularly strong" in Asia. 2. Sarepta (SRPT) upgraded to Overweight from Neutral at JPMorgan with analyst Anupam Rama saying following recent key opinion leader calls, the analyst has become "increasingly confident" in the potential of SRP-9001 and believes the company has taken appropriate steps to control for heterogeneity in the Phase 3 EMBARK study. 3. Clearway Energy (CWEN) upgraded to Outperform from Perform at Oppenheimer with analyst Noah Kaye saying Clearway's "material strategic progress" supports its long-term portfolio and dividend growth objectives. 4. Apollo Global (APO) upgraded to Buy from Hold at Deutsche Bank with analyst Brian Bedell increasing conviction that Athene provides Apollo with a "significantly differentiated platform relative to alternative peers, that is hard to replicate." 5. EOG Resources (EOG) upgraded to Buy from Neutral at BofA with analyst Doug Leggate saying he had previously argued that EOG's strategy has been "perpetually under debate," but he believes this has changed with the company's "wholesale reset in the scale of cash returns" after it raised its annual dividend by 82%, announced a special dividend of $2 per share and announced a buyback program of $5B. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.