Apollo Global Management Inc. (APO) shares lost 0.14% in after-hours on Friday, July 2, 2021, and closed the week at $64.14 per share. earlier in the morning session of Friday, APO’s stock gained 1.94% to close the session at $64.23. APO shares have risen 28.69% over the last 12 months, and they have moved up 4.30% in the past week. Over the past three months, the stock has gained 34.71%, while over the past six months, it has declined 31.14%.
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Let’s have a look at its recent news.
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Apollo intention to buy Morrisons
The battle for Britain’s Morrisons intensified on Monday, July 5, 2021, when US investment giant Apollo Global Management said that it is considering launching a rival bid to buy Morrisons.
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The Bradford-based supermarket chain Morrisons earlier said that it had accepted a £6.3bn offer from another New York private equity firm.
Apollo’s signalling of a possible attempt to hijack the offer can trigger a multinational bidding war, which has already soared Morrisons share by 11% on Monday morning
Acquisition of Reno De Medici S.p.A.
On July 05, 2021, Apollo Global Management, Inc announced that certain funds managed by its affiliates have entered into definitive agreements to acquire a majority stake in Reno De Medici S.p.A. which is a leading producer of recycled carton board in Europe.
According to the deal, Apollo Funds will acquire approx. 67% equity ownership in RDM from the Company’s top two shareholders, Cascades Incand Caisse de dépot et placement du Québec for EUR 1.45 per share.
Speculations about first European SPAC IPO in Amsterdam
On July 2, 2021, the news came to the market that Apollo Global Management Inc is planning to list a blank-check special purpose acquisition company in Amsterdam that could raise about 400 million euros ($473 million) for acquisitions, according to people familiar with the matter.
Apollo and Motive Partnership
OnJuly 01, 2021, Apollo Global Management, Inc. announced a strategic and financial partnership with Motive Partners to capitalize on significant technological transformation and innovation in financial services. The partnership aims to enhance investment opportunities for clients and accelerate the growth of both platforms.
As per the agreement, Apollo will acquire up to a 24.9% minority stake in Motive’s management company and Apollo and its affiliates will become limited partners in Motive managed vehicles.
The partnership with Motive will accelerate innovation and growth for Apollo. Motive’s in-house innovation team will work with Apollo in many focus areas, including technology innovation across its platform, new product development and distribution, and investment origination.
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Conclusion
We have plenty of positive news after the market closes on Friday which can take APO stock price to surge significantly on Tuesday. Let’s see how APO stock performs after the long weekend.
