Funds of Apollo Global Management, Inc. (NYSE:APO) entered into a definitive sale and purchase agreement to acquire a 9.4% stake in Reno De Medici S.p.A. (BIT:RM) from Caisse de dépôt et placement du Québec for €51.5 million on July 5, 2021. The offer per share is €1.45 per share, with no adjustments. The purchase represents a 24% premium to the 90-day volume weighted average share price.

In a related transaction, Apollo Global Management will acquire 57.6% stake in Reno De Medici from Cascades Inc. (TSX:CAS). 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. Upon closing of the transactions, Apollo will launch a mandatory tender offer for the remaining shares, with the aim to de-list Reno De Medici.

The transaction 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. As of November 17, 2021, Consob Approves Document On Bid On Reno De Medici. Closing is expected to occur in the third quarter of 2021.

European Commission has unconditionally approved the acquisition. As of September 26, 2021, Since not all of the necessary antitrust authorizations to which the closing of the transaction is subject have been issued yet, the closing is currently expected to occur in the fourth quarter of 2021. Paolo Nastasi, Alessandra Pala, Pietro Scarfone, Livio Bossotto, Luca Amicarelli and Amilcare Sada, of Allen & Overy LLP and Ramy Wahbeh of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors for Apollo.

Giorgia Lugli, Cataldo Giuseppe Piccarreta and Antonio Coletti of Latham & Watkins LLP acted as legal advisor for Caisse de dépot et placement du Québec.