UBS sells $8 bln of Credit Suisse assets to Apollo [Reuters]
Apollo Global Management, Inc. (New) (APO)
Last apollo global management, inc. (new) earnings: 5/1 07:00 am
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Source: Reuters
business to Apollo Global Management as part of efforts to shed non-core assets after its takeover of the collapsed banking group. Apollo will purchase $8 billion of "senior secured financing facilities", UBS said on Wednesday, adding that it expects to make a net gain of about $300 million from the deal in the first quarter of 2024. "This mutually beneficial agreement aligns with UBS's strategy of winding down and simplifying its non-core and legacy portfolio," UBS said in a statement. UBS Chief Executive Sergio Ermotti said the deal would free up capital from non-core activities and reduce costs and complexity in its business. Credit Suisse had to be rescued in March last year in a government-sponsored operation. Luzerner Kantonalbank analyst Daniel Bosshard said the Apollo deal was a sign that the Credit Suisse integration was going better than expected. "The early praise is now very high, which is reflected in a sharp rise in the share price in recent months," Bosshard
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APO
Earnings
- 2/8/24 - Beat
APO
Sec Filings
- 4/11/24 - Form 4
- 3/21/24 - Form 4
- 3/5/24 - Form 4
- APO's page on the SEC website