Apollo Global Management, Inc. - APO STOCK NEWS

Brightspeed announced plans to expand its fiber optic network in South Carolina, aiming to reach up to 14,000 new fiber passings by the end of 2023. This initiative is part of a broader $2 billion investment to enhance broadband access for up to 3 million homes and businesses over five years. The company will employ advanced technologies like XGS-PON for internet speeds exceeding 1Gbps. The build-out is essential for improving connectivity in rural areas, supported by state and federal broadband grant programs.

New Fortress Energy (NASDAQ: NFE) and Apollo (NYSE: APO) have finalized a Joint Venture named Energos Infrastructure, which operates 11 liquefied natural gas (LNG) vessels, including Floating Storage and Regasification Units. The partnership aims to enhance energy security while facilitating a transition towards cleaner energy. Energos is primarily owned by Apollo-managed funds (80%) and NFE (20%). The total implied enterprise value of Energos is around $2 billion. NFE is set to charter ten vessels for up to 20 years to support its global projects.

Apollo Global Management has successfully closed its inaugural Apollo Origination Partnership Fund I with approximately $2.35 billion in commitments. This fund focuses on large corporate direct lending, contributing to Apollo's over $50 billion in assets under management (AUM) in direct lending strategies. Targeting companies with over $100 million in EBITDA, the fund aims to provide flexible financing solutions. Apollo seeks to expand its direct origination capabilities, highlighting the growing demand for private credit amid market volatility.

Shutterfly celebrates the one-year acquisition anniversary of Spoonflower, launching 4,000 new artist-led designs on its platform. This marks a shift in Shutterfly's focus from photo personalization to offering a wider array of products. Spoonflower, featuring nearly 2M designs by 3.3M creatives, has integrated its production, reducing order-to-shipment times by 50%. The demand for unique designs, particularly wallpaper, has surged, indicating growth potential in this category, with 30% of new customers purchasing wallpaper as their first item.

Brightspeed has announced plans for a major fiber optics network rollout in Arkansas, aiming to reach over 40,000 potential customers by the end of 2023. This first phase includes construction across 10 counties, with plans for an additional 60,000 fiber passings in the future, totaling over 100,000. The investment is part of a broader $2 billion initiative to enhance internet access, especially in rural areas. Brightspeed, formed from Lumen Technologies' assets, is pending acquisition by Apollo-managed funds and expects final regulatory approvals soon.

Apollo (NYSE: APO) and Belstar Group have formed a 50/50 joint venture in Korea to provide a variety of private credit solutions. This partnership aims to address the liquidity gap in the Korean market by offering asset-backed capital solutions, corporate lending, and acquisition financing. Apollo will leverage its $10 billion Asia Pacific assets under management and recent market insights to establish a long-term presence in Korea. The joint venture is an extension of Apollo’s credit investment strategy in the Asia Pacific region.

Apollo Global Management (NYSE: APO) reported its second quarter results for the period ending June 30, 2022, showcasing the resilience of its earnings despite challenging market conditions. CEO Marc Rowan emphasized the firm's strong focus on credit fundamentals and disciplined pricing. The company declared a cash dividend of $0.40 per share, with payment scheduled for August 31, 2022. Additionally, Apollo managed approximately $515 billion in assets as of June 30, 2022, demonstrating its robust market presence and dedication to delivering returns to shareholders.

Apollo has launched its new Sponsor and Secondary Solutions business, S3, with approximately $4 billion in new commitments, including a cornerstone investment from ADIA. This initiative aims to provide flexible capital solutions across the yield, hybrid, and equity spectrum, responding to evolving market needs. S3 complements Apollo's existing capital solutions, having already deployed over $13 billion in related transactions over the past year. The company continues to expand its team to strengthen S3's operations and enhance service offerings in private market transactions.

Apollo Global Management (NYSE: APO) announced its 2022 Annual Meeting of Stockholders will be held virtually on October 7, 2022, at 9:30 a.m. ET. The record date for stockholders to vote is August 12, 2022. The meeting details will be shared in the 2022 proxy statement. Apollo is a global, high-growth alternative asset manager managing approximately $513 billion in assets as of March 31, 2022. The company focuses on providing clients with high returns across various investment strategies.