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Marc Becker, Co-Head of Impact Investing at Apollo, Dies at 51
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Marc Becker, Co-Head of Impact Investing at Apollo, Dies at 51
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by Tyler Durden
Thursday, May 20, 2021 - 06:34 AM
Following in the footsteps of his onetime Apollo co-founder and Drexel Burnham Lambert alum Leon Black, another member of the firm s founding cadre, billionaire partner Josh Harris, is leaving the firm, according to a press release published Thursday morning. The statement claims Harris was stepping down to return to his roots as an investor and entrepreneur , and unlike Black s abrupt exit (his departure was apparently accelerated after some unsavory allegations came to light)
Like Black, he will continue to serve on the board and the firm s executive committee, but unlike Black, his departure won t be immediate: Harris will depart on the day the firm s planned merger with health-insurance partner Athene closes, which isn t expected until the end of Q1 2022.
Apollo And Athene To Merge In All-Stock Transaction
GlobeNewswire
Apollo and Athene have entered into a definitive agreement to merge in an all-stock transaction that implies a total equity value of approximately $11 billion for Athene.
Under the terms of the transaction, each outstanding Class A common share of Athene will be exchanged for a fixed ratio of 1.149 shares of Apollo common stock. Upon closing of the merger, current Apollo shareholders will own approximately 76% of the combined company on a fully diluted basis, and Athene shareholders will own approximately 24%.
The merger of Apollo and Athene combines two growth companies providing products and services that are in high demand – investment returns and retirement income. The stronger capital base and complete alignment will allow the company to rapidly scale asset and liability origination, broaden distribution channels and act as a leading global solutions provider. The company will operate in an environment power
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