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Investors in Apollo Global Management LLC intends to sell 29.8 million
shares in an initial public offering at $14 per share, having seen the
stock fall 41.6% on a private exchange since August.
Apollo sold shares to Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Credit Suisse (USA) LLC through a private placement in August for $24 per share, or $715.8 million, including an overallotment option. Proceeds from the IPO are expected to be nearly $417.5 million, according to a prospectus filed Tuesday with the Securities and Exchange Commission.
Citigroup Inc.-Apollo Management LP, Blackstone Group LP and TPG Capital Continuing to strengthen its balance sheet, Citigroup Inc. is preparing to sell about $12 billion in high-yield commercial loans to private equity firms, according to various press reports. The Wall Street Journal, Financial Times and others reported late Tuesday that the largest U.S. bank would sell the loans to Apollo, Blackstone and TPG at about a 10% to 20% discount to the par value. These loans usually trade at about 87 cents on the dollar now. McKesson Corp.-McQueary Brothers Drug Co. Pharmaceutical and medical supplies distributor McKesson said late Tuesday it is buying privately held McQueary Brothers for $190 million. McQueary, based in Springfield, Mo., is a regional distributor of pharmaceutical, health and beauty products to more than 400 independent and regional chain drugstores in Iowa, Missouri, Arkansas, Illinois, Oklahoma, Kansas and Nebraska. The company is a private, family-owned business. Konica Minolta Business Solutions USA Inc.-Danka Office Imaging Systems Beleaguered Danka Business Systems Plc announced late Tuesday it is selling its U.S. operations, Danka Office Imaging Systems, to Konica Minolta for about $240 million, and will place the company in voluntary liquidation after the deal is completed. For Japan's Konica Minolta, the deal is expected to boost its sales in the world's largest office equipment market and give it the ability to compete with larger rivals such as Canon Inc., Ricoh Co. Ltd. and Xerox Corp. ABRY Partners-Hosted Solutions Raleigh-based data warehousing company Hosted Solutions is being sold for $140 million to private equity firm ABRY Partners of Boston. Principal Rich Lee and a partner bought the company for $375,000 in 2001. It employs 80 people. Ashkenazy Acquisition Corp., Carlyle Group-Hiro Real Estate Co. Real estate investment firm Ashkenazy and private equity firm Carlyle Group said they acquired 650 Madison Avenue, a 600,000-square-foot office and retail tower from Hiro Real Estate for $680 million. The property is located in midtown Manhattan and spans 59th and 60th Streets on Madison Avenue. The property's square footage includes about 90,000 square feet of prime retail space, which features the New York City flagship stores of Crate and Barrel and Todd's. Office tenants in the building include Polo Ralph Lauren's corporate headquarters, Columbia Presbyterian, as well as several prominent investment firms. Collezione Europa USA Inc. A New Jersey judge approved furniture importer and distributor Collezione Europa USA's final use of cash collateral on Tuesday. Judge Morris Stern of the U.S. Bankruptcy Court for the District of New Jersey in Newark approved the final cash collateral use despite objections, said debtor counsel Sam Della Fera of Trenk, DiPasquale, Webster, Della Fera & Sodono PC. Jay Foods Inc. The Jays Foods Inc. committee of unsecured creditors withdrew its motion to investigate the relationship between Jays and its parent, Ubiquity Brands LLC, under a Section 2004 examination. The motion was withdrawn Tuesday because Jays, a Chicago-area snackfood company, has been cooperating with the creditors' request, said counsel to the unsecured creditors Steve Jakubowski of the Coleman Law Firm. See TheDeal.com story on Citi See TheDeal.com story on McKesson-McQueary See TheDeal.com story on Konica-Danka See TheDeal.com story on Ashkenazy-Carlyle-Hiro See TheDeal.com story on Collezione See TheDeal.com story on Jays Foods Categories Deal Video
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