Kelly Martin sold $423K of APO

Apollo Global (APO) announced cash acquisitions of Emerald Holding (EEX) and Questex, aiming to merge them into a B2B events platform. APO will pay $5.03 per EEX share, valuing the deal at $1.5B. EEX stock rose 13% premarket, while APO was down slightly. The merger is expected to close in H2 2023.

Apollo Global Management and Blackstone Inc. structured a $35B financing package for Broadcom Inc. and Anthropic's AI infrastructure, with $15B expected to trade in the 144A market by early 2027. Broadcom shares rose 1.31% premarket, supported by a multi-year partnership with Apple Inc. Broadcom is set to report earnings on Sept. 3, 2026, with analysts projecting $3.16 EPS and $29.44B revenue.

Oneok (OKE) is acquiring Brazos Midstream's Permian Midland assets for $4.4B, funded by a $9B investment from Apollo (APO). The deal will double OKE's processing capacity, reduce leverage, and is expected to be accretive to earnings and free cash flow. OKE aims to maintain 3-4% annual dividend growth, with potential for increases.

Apollo Global Management (APO) shares fell 4.4% after Brightspeed, a broadband provider backed by Apollo-managed funds, reported a 8.7% revenue decline and raised concerns about its financial stability. Apollo is exploring financing options to address debt. Separately, Apollo announced converting its $9B stake in Oneok to fund an acquisition and agreed to sell Kelvion for $3.4B. The S&P 500, Dow, and Nasdaq also declined, contributing to the sell-off.

Apollo Global Management (NYSE:APO) shares dropped 3.5% after Brightspeed, an Apollo portfolio company, reported a 8.7% revenue decline to $386M in Q2 and expressed doubt about its ability to continue operations. Brightspeed is seeking financing to meet debt obligations, with a net loss of $879M for the first half of 2024.

Apollo Global Management plans to convert its $9 billion stake in Oneok Inc. into investment-grade debt for sale. The deal, announced Sunday, allows Oneok to raise capital without adding conventional debt or affecting its credit rating. Apollo aims to structure the securities so they can receive investment-grade ratings, with some placed with Athene and third-party insurers. This strategy has been used in over $100 billion of transactions, including deals with Intel and BP.