|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||43.66 - 44.78|
|52 Week Range||22.63 - 45.28|
|Beta (3Y Monthly)||1.49|
|PE Ratio (TTM)||21.08|
|Earnings Date||Jan. 29, 2020 - Feb. 3, 2020|
|Forward Dividend & Yield||2.00 (4.48%)|
|1y Target Est||47.63|
NEW YORK, Dec. 09, 2019 -- Apollo Global Management, Inc. (NYSE: APO) (“AGM”, and together with its consolidated subsidiaries, “Apollo”) today announced that its indirect.
NEW YORK, Dec. 05, 2019 -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced the appointment of Tetsuji Okamoto.
Black Friday Turns Grety as Brick & Mortar Falls to Online Shopping More online sales were logged on Black Friday than at brick and mortar retailers according to preliminary data, though the day was still the busiest shopping day of the year. Store traffic on Thanksgiving evening itself though grew, which itself hurts Black Friday […]The post Market Morning: Grey Friday, Impossible Whopper Lawsuit, Apollo Wins Tech Data appeared first on Market Exclusive.
Berkshire did not respond to requests for comment. Apollo Global Management Inc agreed on Wednesday to pay $145 per share for Tech Data, sweetening its original $130 per share bid after a public company made a better offer. Citing Buffett, CNBC said that company was Berkshire, which offered $140 per share last week, and did not intend to go higher.
(Bloomberg) -- Warren Buffett has frequently touted his Berkshire Hathaway Inc. as a home for businesses away from what he said was the debt-fueled, quick-turnover appetite of private equity firms. But the Berkshire name wasn’t enough for Tech Data Corp.Berkshire made a $140-a-share bid for the distributor of technology products that was topped by a $145 offer from Apollo Global Management Inc., CNBC reported. The offer was another effort by the billionaire investor to put a chunk of his record $128 billion cash pile to use and signals that while Buffett is still on the prowl, he may not be willing to outbid private equity firms flush with money.Buffett has been stymied on the acquisition front in recent years, causing the billionaire investor to express frustration about the “sky-high” prices for decent businesses. He said earlier this year that he was working on a large deal in the fourth quarter of 2018 but it eventually fell through. The lack of deals has also pressured Buffett’s ability to maintain the stock returns that helped make him famous. Berkshire’s stock is on track for its worst underperformance since 2009.Berkshire’s interest forced Apollo to raise its bid to one that values Tech Data at about $6 billion, including debt. Tech Data helps bring products to market for firms such as Microsoft Corp. and Apple Inc., which is Berkshire’s largest public stock investment as it has a roughly $56 billion stake in the iPhone maker.“He’s just not going to throw the money out and earn a rate of return below what his minimum target is,” David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. “He is Buffett because he’s patient.”Auction ProcessThe biggest private-equity firms are on a tear. Apollo’s Leon Black said earlier this month that the firm is on track to almost double its assets under management to $600 billion in five years. Apollo’s higher bid, announced Wednesday after the market closed, sent shares of Tech Data surging 12% to close at $144.89 Friday in New York trading.Tech Data, which was using Bank of America Corp. as its financial adviser, was engaged in a “go-shop” process. Buffett has typically avoided auctions where sellers seek the most money they can get, calling them a waste of time and a situation where he can’t win.A Tech Data buyout by Berkshire would have pushed the Omaha, Nebraska-based conglomerate further into the technology realm, an area that Buffett avoided for decades. It also would have added another family-built business to Berkshire’s mix of retailers, insurers and energy companies. Edward Raymund founded the company and his son Steven Raymund ran the firm for about two decades before becoming chairman. Steven Raymund stepped down in 2017.A potential acquisition by Berkshire would have just been a drop in the bucket for Buffett’s firm. The transaction value of $6 billion is just 4.7% of Buffett’s total cash pile.For Berkshire, the Tech Data saga likely ends here. Buffett isn’t planning to make a higher bid, according to CNBC. His appetite for a large buyout may continue.“We continue, nevertheless, to hope for an elephant-sized acquisition,” Buffett said in his annual shareholder letter released earlier this year.(Updates shares in sixth paragraph)\--With assistance from Amy Thomson.To contact the reporter on this story: Katherine Chiglinsky in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Michael J. Moore, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tech Data shareholders will now receive $145 per share in cash, up from $130 per share, representing a premium of 12.4% to the stock's closing price on Nov. 27. Tech Data had said it would solicit alternative acquisition proposals from third-parties during a "go-shop" period until Dec. 9 as part of the deal agreement. The technology equipment distribution sector has attracted strong private equity interest in the last year.
Apollo Global Management, Inc. (APO) (together with its consolidated subsidiaries, “Apollo”), announced today that Leon Black, Chairman and Chief Executive Officer, will present at the Goldman Sachs Financial Services Conference in New York on Wednesday, December 11, 2019 at 12:30 p.m. EST.
(Bloomberg Opinion) -- Local news is in steep decline. A recent report from Pen America finds that the U.S. has lost more than 1,800 newspapers since 2004. The consequences include a decline in civic engagement and an increase in corruption. The report mentions how government officials in Bell, California, a city without a newspaper, were able to get rid of caps on their salaries and loot the public treasury.The report offers recommendations for philanthropists, tech companies, news outlets, governments and consumers who want to reverse the trend. But it cautions that there is no panacea. One of its ideas, though, may inadvertently move in the wrong direction.Pen America’s first suggestion for the government is that the Federal Communications Commission “restore pre-2017 regulations governing the ownership of TV stations, radio stations, and newspapers to prevent further consolidation and homogenization in local news media.” This move could backfire – and in one recent case, it already has backfired.Under its deregulation-minded commissioner Ajit Pai, the FCC in 2017 ended its restrictions on cross-ownership of broadcast outlets and newspapers in the same locality. In September, two judges in the Third Circuit Court of Appeals struck down the FCC’s rules changes on the ground that the commission “did not adequately consider the effect its sweeping rule changes will have on ownership of broadcast media by women and racial minorities.”That decision put a pending media deal on hold. Apollo Global Management Inc., a private-equity firm, recently formed Terrier Media to purchase media properties from Cox Enterprises Inc. and Northwest Broadcasting Inc. The new company would own 25 full-power TV stations covering roughly 13% of households with televisions.The Justice Department gave a go-ahead to the deal this spring. Since the deal complied with the FCC’s new ownership rules, it seemed to be only a matter of time before it could be consummated. Then came the September court decision, which goes into effect today. The rationale of the decision did not apply to the deal: Even opponents of the deal, such as Common Cause, have not alleged that it would reduce media ownership by women or racial minorities. Rather, the deal simply didn’t comply with the pre-2017 rules. In Ohio, for example, Cox owns three newspapers in places it also owns TV broadcasters. The FCC’s rules, both before and after 2017, allow this cross-ownership. But the old rules, coming back into effect, forbid the transfer of these properties to a new cross-owner.The FCC is appealing the court decision, but instead of waiting, Terrier decided to change the terms of the deal to fit the old rules. Among the changes: Terrier said it was willing to change the publication schedule for the three newspapers so that they would appear in print only three times a week.On Nov. 22, the FCC approved the deal on certain conditions - including that the publication frequency of those three newspapers be reduced. A spokesperson for Terrier Media says, “The new company does not want to scale back local daily news coverage but will do so if that’s what is required by the Third Circuit ruling.”It’s hard to see how this forced modification of the company’s plans serves the public interest.Jan Rybnicek, a senior fellow at George Mason University’s Global Antitrust Institute, told me, “The media ownership rules are fairly outdated.” They were established in 1975, he said, “when newspaper and television were the only outlets. Now there are more alternatives and many newspapers are struggling.”Pai, the FCC chairman, had this kind of scenario in mind when he pushed to relax the rules. Defending the action in the New York Times in 2017, he wrote, “There’s ample evidence that the cross-ownership rule has led to less local reporting … a company that owns both a newspaper and broadcast outlet is able to gather the news and distribute it more cost-effectively across its multiple platforms.”It may not be possible to bring local news back to its former health, and how to revive it is not clear. But government regulation doesn’t have to contribute to the problem.To contact the author of this story: Ramesh Ponnuru at firstname.lastname@example.orgTo contact the editor responsible for this story: Tobin Harshaw at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ramesh Ponnuru is a Bloomberg Opinion columnist. He is a senior editor at National Review, visiting fellow at the American Enterprise Institute and contributor to CBS News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Europcar Mobility Group, one of the continent’s largest car rental agencies, is drawing interest from suitors including Apollo Global Management Inc. as it explores a potential sale of the company, people familiar with the matter said.The company has reached out to private equity firms including Cerberus Capital Management as it starts gauging interest from potential buyers, the people said, asking not to be identified as the matter is private. Europcar, which has a market value of 666 million euros ($734 million), is working with financial advisers as it considers selling part or all of the business, according to the people.Shares of Europcar jumped as much 9.4% in Paris morning trading Tuesday, on track for the biggest daily gain since May 2018. No final decisions have been made and an agreement might not be reached, the people said. Representatives for Europcar didn’t immediately respond to requests for comment. Representatives for Apollo and Cerberus declined to comment.Shares of Europcar have lost about three-quarters of their value through Monday since peaking in September 2017. The company’s biggest shareholder, Paris-listed investment firm Eurazeo SE, said this month it’s conducting a strategic review of options for its 29.9% stake in Europcar.The company has been hurt by falling U.K. tourist numbers and overall economic malaise in continental Europe. Last month, it reported third-quarter results that missed analysts forecasts and lowered its outlook for the rest of the year.Europcar operates through more than 3,500 locations in more than 140 countries, according to its website. It agreed this month to buy independent U.S. rival Fox Rent A Car to help it grow in North America.(Updates with share movement in third paragraph.)\--With assistance from Aaron Kirchfeld and Myriam Balezou.To contact the reporters on this story: Ed Hammond in New York at firstname.lastname@example.org;Dinesh Nair in London at email@example.comTo contact the editors responsible for this story: Ben Scent at firstname.lastname@example.org, ;Liana Baker at email@example.com, Dinesh NairFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Apollo Global Management LLC is nearing a deal to buy SPX Flow Inc.’s power and energy business, according to people familiar with the matter.The private equity firm is in talks to buy the unit for $700 million, said one of the people, who asked not to be identified because the matter isn’t public. A deal could be announced in the coming days, this person said.SPX Flow’s shares rose 3% to $48.07 at 12:35 p.m. in New York trading Friday, giving the company a market value of about $2.05 billion. The stock is up about 37% in the past year.A final agreement hasn’t been reached and SPX Flow could still decide to keep the unit or sell it to another buyer, they said.Apollo is set to prevail over other potential buyers including First Reserve, which a person familiar with the matter said in August could combine the SPX Flow unit with its Trillium Flow Technologies.A representative for Apollo declined to comment. A representative for SPX Flow didn’t respond to requests for comment.SPX Flow, based in Charlotte, North Carolina, announced in May that it was looking at options for the business. It hired BNP Paribas SA as a financial adviser and said it intended to focus on its other divisions.Its power business manufacturers pumps, valves, filtration products and aftermarket parts under brands that include M&J Valve and ClydeUnion Pumps, for use in the energy industry, according to its website.The company was spun off from SPX Corp. in 2015. Its remaining business units after a sale of its power and energy operations would include those focused on transporting liquids in the food and beverage sector, as well as industrial liquids and its Bran+Lubbe metering pump,(Updates with share move in third pargraph.)To contact the reporter on this story: Kiel Porter in Chicago at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Intrado’s Claims Recovery business, known in the market as Accent, is a leading provider of healthcare payment integrity solutions to insurance companies and large self-funded organizations. “After further strategic review, we have decided to sell the Accent business to allow greater focus on our core cloud businesses,” said John Shlonsky, President and Chief Executive Officer of Intrado.
(Bloomberg) -- Apollo Global Management Inc. is exploring a sale of Qdoba Restaurant Corp., a Mexican food chain it acquired last year, according to Qdoba Chief Executive Officer Keith Guilbault.“We’re extremely grateful for the guidance, strategy and resources Apollo has provided,” Guilbault said in an emailed statement. “Now, as Apollo explores a potential sale, it shows the health and strength of the QDOBA brand as we continue to focus on what we do best -- creating flavor that our customers love and cultivating a culture that our team members enjoy every day.”New York-based Apollo is working with advisers on a potential sale of Qdoba, which could fetch up to $550 million, including debt, according to a person familiar with the matter, asking not to be identified because information is private. It generates about $50 million in annual earnings before interest, taxes, depreciation and amortization, a 25% year-over-year increase, while same-store sales have risen 4% over the same period, the person said.Representatives for Apollo declined to comment.Apollo closed its $305 million purchase of Qdoba from Jack in the Box Inc. in March 2018. The San Diego-based company, which does business as QDOBA Mexican Eats, has more than 750 locations in the U.S. and Canada, according to its website.Since Apollo acquired the company, it has started offering plant-based meat substitutes at its restaurants and opened a new headquarters in San Diego, according to its website.Apollo is bringing Qdoba to market after the firm’s attempt to take Chuck E. Cheese parent CEC Entertainment Inc. public via a reverse merger fell apart in July.(Updates with financial information in third paragraph.)To contact the reporters on this story: Crystal Tse in New York at firstname.lastname@example.org;Kiel Porter in Chicago at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Matthew Monks, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
OMAHA, Neb., Nov. 18, 2019 -- Intrado, a global leader in technology-enabled services, will host a two-day virtual event to present its digital media solution suite to internal.
NEW YORK, Nov. 14, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Tech Data Corporation (“Tech Data”.
Continuing with strategic moves, Apollo Global (APO) signs deal to acquire Tech Data (TECD), with the aim to boost the latter's position in the market.
Intrado, a global leader in technology-enabled services, has been recognized with the Select Communications 2019 Partner Excellence Award for innovation and leadership. Select Communications, a longtime Intrado Enterprise Collaboration resale partner, created the Partner Excellence Awards to recognize and celebrate technology supplier partners that provide superior performance throughout the year, enabling optimal business outcomes for Select and its customers. “Select Communications has worked for decades, developing partnerships with leading technology carriers in every segment of the marketplace – from niche providers to top ranking manufacturers,” said Jerry Goldman, CEO, Select Communications.
Reuters reported last month about the possible deal, citing sources. Tech Data shareholders will receive $130 per share in cash, representing a premium of nearly 17% to the stock's closing price on Oct. 15, the last trading day before the Reuters report. Apollo is financing Tech Data's acquisition with $3 billion in equity and about $2.4 billion in debt, people familiar with matter told Reuters.
NEW YORK, Nov. 12, 2019 -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced the appointment of Joanna Rose as.
OMAHA, Neb., Nov. 11, 2019 -- Intrado, a global leader in technology-enabled services, today announced the release of Ambassador’s A/B testing and communication management.
Apollo Global Management, Inc. (APO) (together with its consolidated subsidiaries, “Apollo”) today announced several notable additions across its Insurance Solutions Group (“ISG”) and European yield investing businesses. “The appointments to these newly created positions will enhance Apollo’s integrated investment approach and deep bench of talent while further strengthening our already considerable business capabilities in insurance and Europe,” Apollo’s Co-Presidents, Scott Kleinman and James Zelter said in a joint statement. Earlier this year, Apollo established ISG within its credit segment to integrate efforts in managing capital for insurance companies across the firm.
(Bloomberg Opinion) -- Wall Street should fear Senator Elizabeth Warren, but not for the reason it thinks.Some of Wall Street’s biggest stars have howled recently about how Warren would wreck the U.S. economy and the stock market if she were elected president or merely continued to make strides in that direction. Billionaire Paul Tudor Jones predicted last week at the Robin Hood Investors Conference in New York that the S&P 500 Index would decline 25% and that U.S. economic growth would be cut in half if Warren were to win. Leon Cooperman, Rob Citrone and Jeffrey Vinik have also said that the market would react negatively.Those fears are misplaced. Presidents have far less control over the U.S. economy than many think. Most recently, President Donald Trump tried to boost the economy with his sweeping Tax Cuts and Jobs Act, but its effects have been negligible so far. Also, no one can reliably anticipate the stock market’s reaction to events. Instead, Wall Street ought to worry about what Warren would do to the rarefied world of private equity, particularly leveraged buyouts, or LBOs.LBOs are simple transactions in concept, similar to buying a home. LBO firms acquire companies by putting down a small percentage of the purchase price and borrowing the rest. That liberal use of leverage magnifies returns, which is the main reason LBOs have historically been among the best performing investments. They can also play a useful role. When a public company wants to go private, a firm with multiple business lines wants to shed a division or a business owner wants to cash out, LBO firms are often the buyers.The problem is there’s more money chasing LBOs than deals to accommodate it. Roughly $1.2 trillion was invested in the strategy as of March, according to research firm Preqin, double the amount invested across all private equity strategies in 2000. The unsurprising result is that companies are fetching higher purchase prices, if investors can find deals at all. In a 2018 survey, private equity firms cited high valuations, a scarcity of deals and intense competition as their biggest challenges, according to financial data company PitchBook.The numbers bear it out. In the first half of 2019, LBO investors paid 11.2 times Ebitda, or earnings before interest, taxes, depreciation and amortization, according to Morgan Stanley, nearly 70% more than the 6.7 times they paid in 2000. LBO firms have been able to offset higher purchase prices with help elsewhere. For one, interest rates have declined significantly over the last two decades, with the 10-year Treasury yield falling to less than 2% from close to 7% in 2000. Investors have demanded little more for low-quality debt in recent years, which features prominently in many LBO deals. Those low rates have allowed LBO firms to borrow or refinance more cheaply. In addition, the U.S. has enjoyed the longest economic expansion on record since 2009, which has helped bolster their portfolio companies’ profits. Third, rising valuations have allowed LBOs to sell their investments at ever higher multiples.Those tailwinds could evaporate quickly, but that hasn’t dissuaded investors, at least so far. They still expect higher returns from private equity than they do from U.S. stocks and bonds and a smooth ride, given that private assets are sheltered from turbulent public markets. Those perceived advantages have made private equity a fixture of institutional portfolios and, increasingly, those of individuals.To accommodate the flood of investment, LBO firms are venturing farther from their traditional turf and into every conceivable corner of the economy, including pet stores, doctors’ practices and newspapers. The industry says its expanding reach leaves companies better off, but there’s mounting evidence that companies acquired through LBOs are more likely to depress wages, cut investment or go bankrupt, in many cases because of their debt load. When that debt proves too burdensome, workers and their communities and the taxpayers who inevitably support them all lose, while LBO firms still collect their fees and dividends. Leverage is risky business, as the 2008 financial crisis laid bare, and the growth of private equity is spreading that risk well beyond its small sphere of well-heeled investors. Numbers for private equity are famously guarded, but one way to get a sense of the risks and rewards that come with the industry’s use of leverage is by looking at the stock performance of publicly traded private equity firms.The S&P Listed Private Equity Index, which includes industry titans Blackstone Group Inc., Apollo Global Management LLC and KKR & Co., tumbled 82% from peak to trough during the financial crisis, including dividends. That exceeded the 79% decline for the S&P 500 Financials Index, the sector whose excessive use of leverage triggered the crisis, and the 51% decline for the S&P 500. Since the crisis eased in March 2009, however, the private equity index has outpaced the financials index by 1.3 percentage points a year through October and the S&P 500 by 2.4 percentage points.That brings us back to Warren, who has said that “private equity firms are like vampires — bleeding the company dry and walking away enriched even as the company succumbs.” Warren has also called private equity “legalized looting” that “makes a handful of Wall Street managers very rich while costing thousands of people their jobs, putting valuable companies out of business and hurting communities across the country.”Warren introduced a sweeping bill in July titled — what else — the “Stop Wall Street Looting Act” that would, at the very least, fundamentally transform the industry. Her proposal would ratchet up the potential liability of private equity firms by putting them on the hook for debts of their portfolio companies, holding them responsible for certain pension obligations of those companies and limiting their ability to collect fees and dividends. It would change tax rules to deny private equity firms preferential rates on the debt they put on portfolio companies and close a loophole that allows them to pay lower taxes on investment profits. It would also modify bankruptcy rules to make it easier for workers to collect pay and benefits and harder for executives to walk away with bonuses. Steve Biggar, an Argus Research Corp. analyst who covers private equity firms, called Warren’s plan an “industry-destroying proposal.”Of course, the industry is just as vulnerable to a sustained downturn or higher interest rates, given its cocktail of leverage and high valuations. In the meantime, as more Americans encounter the fallout from failed LBO deals, support for regulation of private equity is likely to grow. And if Warren occupies the White House, she may well lead the charge.To contact the author of this story: Nir Kaissar at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nir Kaissar is a Bloomberg Opinion columnist covering the markets. He is the founder of Unison Advisors, an asset management firm. He has worked as a lawyer at Sullivan & Cromwell and a consultant at Ernst & Young. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.