Apollo Global Management, Inc. entered into a definitive agreement acquire a 57.6% stake in Reno De Medici S.p.A. (BIT:RM) from Cascades Inc. for approximately €320 million.
July 04, 2021
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Apollo Global Management, Inc. (NYSE:APO) entered into a definitive agreement acquire a 57.6% stake in Reno De Medici S.p.A. (BIT:RM) from Cascades Inc. (TSX:CAS) for approximately €320 million on July 5, 2021. The offer per share is €1.45 per share. Apollo Global Management will fund the transaction, including any potential refinancing of the Apollo's existing debt, through a combination of its own cash resources, and a fully committed debt financing from international banks of primary standing. In a related transaction, Funds of Apollo Global Management, Inc. entered into a definitive sale and purchase agreement to acquire a 9.4% stake in Reno De Medici S.p.A. from Caisse de dépôt et placement du Québec for €51.5 million on July 5, 2021. Apollo's acquisition of Cascades Inc.'s controlling interest in Reno De Medici will trigger a mandatory tender offer for all remaining shares in Reno De Medici. The closing of the transaction, which is subject to customary closing conditions, the receipt of the necessary antitrust authorizations and the absence of orders in effect by any competent governmental authority prohibiting the transaction. The transaction is subject to approvals regulations, including the required merger control approvals. European Commission has unconditionally approved the acquisition. Closing is expected to occur in the third quarter of 2021. As of September 26, 2021, the transaction was expected to close in the fourth quarter of 2021. The net proceeds generated will improve financial flexibility and support our initiatives aimed at improving the financial performance and competitive positioning of our North American businesses.
Paolo Nastasi, Alessandra Pala, Pietro Scarfone, Livio Bossotto, Luca Amicarelli and Amilcare Sada of Allen & Overy LLP, Alessandro Pistochini, Davide Giorgiadi and Luca Maglio of Pistochini Avvocati Studio Legale and Ramy Wahbeh of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors for Apollo. Stefano Crosio, Luca Ferrari, Lee Federman and Daniel Michaels of Jones Day (Italy) acted as legal advisor and Rothschild & Co SCA as financial advisor for Cascades Inc. Studio Di Gravio of Massimo Tesei and Carlo Mecella acted as legal advisors to Reno De Medici S.p.A.
Apollo Global Management, Inc. is a global alternative asset manager and a retirement services provider. It operates in three segments: Asset Management, Retirement Services and Principal Investing. The Asset Management segment focuses on three investing strategies: yield, hybrid, and equity. These strategies reflect the range of investment capabilities across its platform based on relative risk and return. The Retirement Services business is conducted by Athene Holding Ltd (Athene), a financial services company that specializes in issuing, reinsuring, and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene product lines include annuities and funding agreements. The Principal Investing segment includes realized performance fee income, realized investment income from its balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.
Apollo Global Management, Inc. entered into a definitive agreement acquire a 57.6% stake in Reno De Medici S.p.A. (BIT: RM) from Cascades Inc. for approximately €320 million.
APOLLO GLOBAL MANAGEMENT, INC. 
