Apollo Updates Conversion From Public To Corporation Status

Comments
Loading...

Apollo Global Management, LLC APO shares are trading higher after the company announced it intends to complete its previously announced conversion from a publicly traded partnership to a corporation effective Sept. 5.

The Apollo Operating Group units are worth approximately $600 million based on recent trading prices are expected to be exchanged into an equal amount of Class A shares.

"We look forward to completing Apollo's conversion to a corporation, which we believe will simplify our firm's structure and enable a much broader set of shareholders to participate in the long-term growth and profitability that we have been delivering to our investors," said Apollo Global Management co-founder Leon Black.

"I am also very pleased that Josh, Marc and I, and several other senior executives at the firm, are exchanging a portion of our units into Apollo‘s Class A shares to facilitate charitable giving. This reflects our strong commitment to supporting a wide range of meaningful philanthropic effort."

Apollo shares are trading up 7% at $34.24. The stock has a 52-week high of $36.49 and a 52-week low of $22.63.

Related Links:

Weibo Trades Higher On Q2 Earnings Beat

Deere Reports Q3 Earnings Miss, Cuts Guidance

APO Logo
APOApollo Global Management Inc
$134.323.13%

Stock Score Locked: Want to See it?

Benzinga Rankings give you vital metrics on any stock – anytime.

Reveal Full Score
Edge Rankings
Momentum84.70
Growth7.60
Quality43.26
Value55.84
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs

Posted In: