On December 16, 2011, Apollo Global Management announced that it had agreed to acquire alternative credit manager Stone Tower Capital LLC for an undisclosed sum.
On December 16, 2011, Apollo Global Management, LLC announced that it had agreed to acquire Stone Tower Capital LLC, and to merge Stone Tower and its related management companies into Apollo’s capital markets business. The transaction will make capital markets Apollo’s largest business segment and increase Apollo’s capital markets assets under management to approximately $39 billion. Stone Tower Capital, headquartered in New York, is an independent alternative credit asset manager with approximately $17 billion in assets under management. Apollo is a global alternative investment manager with approximately $65 billion in assets under management. The terms of the transaction, which is expected to close by the end of the first quarter of 2012 and is subject to certain conditions, were not disclosed.
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