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Innergex Enters into Definitive Agreement to be Acquired by CDPQ for $13.75 per share

Cdpq
  • With the financial and strategic backing of CDPQ, the Transaction establishes a Québec-based renewable power leader that is positioned to accelerate its growth trajectory for years to come
  • Innergex’s common shareholders to receive $13.75 in cash per share, representing a premium of 58% over Innergex’s current share price of $8.71, and an 80% premium over the 30-day volume weighted average price of $7.66 on the TSX as of February 24, 2025
  • The Transaction represents a total enterprise value of $10.0 billion, inclusive of project-level indebtedness and assuming the repayment of Innergex’s outstanding corporate-level debt and the retirement of all outstanding Preferred Shares and Convertible Debentures
  • Hydro-Québec, Innergex’s largest shareholder with approximately 19.9% of the outstanding Common Shares , has entered into a support and voting agreement with CDPQ pursuant to which it has agreed to vote all of its Common Shares in favour of the Transaction
  • The Transaction has been unanimously approved by Innergex’s Board of Directors
  • The Transaction provides immediate liquidity and certainty of value to Innergex shareholders
  • The Transaction is expected to close by Q4 2025, subject to the receipt of the required approvals from Innergex’s common shareholders and certain regulatory approvals, as well as the satisfaction of other customary closing conditions

All amounts are in Canadian dollars, unless otherwise indicated.

Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) and CDPQ announced today they have entered into a definitive agreement dated as of February 24, 2025 (the “Arrangement Agreement”), pursuant to which CDPQ will acquire all of the issued and outstanding common shares of Innergex (the “Common Shares”) (other than those held by CDPQ and certain members of senior management rolling over (the “Rollover Shareholders”)) for a price of $13.75 per share in cash. Pursuant to the Arrangement Agreement, CDPQ will also acquire all of the issued and outstanding preferred shares Series A and C of Innergex (the “Preferred Shares”) for $25.00 per share in cash (plus all accrued and unpaid dividends and, in the case of the Series A preferred shares, an amount in cash per Series A preferred share equal to the dividends that would have been payable in respect of such share until January 15, 2026, which is the next available redemption date) (the “Transaction”).

The Transaction is subject to approval by Innergex’s common shareholders and other customary closing conditions (including regulatory approvals).

“We are proud to support Innergex as it embarks on this new chapter, guided by a long-term vision, access to capital, and readiness to seize growth opportunities. This investment perfectly illustrates our constructive capital and dual mandate in action: while we strive for optimal returns, we are committed to supporting essential businesses headquartered in Québec, such as Innergex, which plays a key role in the energy transition and autonomy”, said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “Innergex has been a leader in renewable energy across North America, with strong development capabilities and a long history of collaboration and partnership with Indigenous communities.”

From now until the closing of the Transaction, CDPQ will seek to syndicate up to 20% of its invested capital to bring in like-minded investors who share its vision for the next chapter of Innergex’s growth. The Transaction is not conditional upon such syndication.

“Today’s announcement represents a pivotal moment for our company” said Monique Mercier, Chair of the Special Committee and of the Board of Innergex. “After extensive work and careful deliberation, the Special Committee and the Board of Directors have unanimously concluded that the Transaction is in the best interests of Innergex and fair to its shareholders. We are pleased to be announcing a transaction which not only provides our shareholders with immediate liquidity at an attractive premium, but also positions Innergex for long-term success under the private ownership of CDPQ, an important Québec institution with a strong balance sheet and desire to continue developing renewable energy and maintaining deep relationships with the various communities and other stakeholders with which Innergex does business.”

“As we transition from being a publicly traded company to a privately held entity, this change marks an exciting new chapter in our journey,” said Michel Letellier, President and Chief Executive Officer of Innergex. “CDPQ shares our commitment to sustainability, growth as well as long-term value, hence together, we will be able to achieve even greater success. This move allows us to leverage their resources and expertise, while continuing to operate from our Longueuil headquarters, which will remain central to our global operations. This is great news for everyone involved, as it provides the stability and flexibility to pursue our goals without the distractions of market volatility. Our core mission to build a better world with renewable energy remains unchanged, including our shared prosperity approach with Indigenous and local communities. The strength of our team and values will continue to drive us forward. We are excited for the future as we continue to grow and innovate.”

Transaction Highlights

  • Attractive premium for common shareholders: Consideration of $13.75 per issued and outstanding Common Share, payable entirely in cash, representing a premium of approximately 58% to the closing price of the Common Shares on the Toronto Stock Exchange (“TSX”) on February 24, 2025 of $8.71 per Common Share and approximately 80% to the 30-day volume weighted average share price on the TSX for the period ending on February 24, 2025 of $7.66 per Common Share;
  • Premium for preferred shareholders: Holders of preferred shares will receive repayment in full of their subscription price of $25.00 per share, representing a premium to the 30-day volume weighted average share price on the TSX for the period ending on February 24, 2025 of approximately 24% in the case of Series C preferred shares and 58% in the case of Series A preferred shares, in addition to the payment of accrued and unpaid dividends (running until January 15, 2026 in the case of Series A preferred shares to take into account the fact that such shares are not redeemable prior to such date);
  • Certainty of value and immediate liquidity: The shareholders of Innergex will receive their consideration entirely in cash, which provides certainty of value and immediate liquidity;
  • Unanimous Innergex Board recommendation: The board of directors of Innergex (the “Board of Directors”) unanimously recommends that Innergex’s common shareholders (other than CDPQ and the Rollover Shareholders) and Series A preferred shareholders vote in favour of the Transaction;
  • Long-term investor: CDPQ has a long-standing relationship with Innergex, with its first investments dating back to 1995. Over the years, CDPQ has made multiple investments and is now Innergex’s second-largest shareholder after Hydro-Québec. This deep understanding of Innergex’s potential and its strong development capabilities led CDPQ to believe that Innergex would be better suited under this new ownership, benefiting from access to capital to unlock its full potential, making this a strategic decision for the Corporation;
  • Strategic alignment going forward: CDPQ is closely aligned with Innergex’s management in a shared vision for the future of Innergex and will leverage the expertise of Innergex’s existing management team led by two 20+-year tenure executives, Michel Letellier, President and Chief Executive Officer and Jean Trudel, Chief Financial Officer, to continue to support Innergex’s growth strategy and to build a global leader headquartered in Québec;
  • Transaction has the support of Innergex’s largest shareholder and Innergex’s directors and executive officers: Hydro-Québec, Innergex’s largest shareholder with approximately 19.9% of the outstanding Common Shares, and each of the directors who are shareholders and certain executive officers of Innergex (collectively, the “Supporting Shareholders”) have entered into support and voting agreements pursuant to which they have all agreed to, among other things, vote all of the shares they own in favour of the Transaction. In addition, Innergex’s President and Chief Executive Officer and Chief Financial Officer have undertaken to roll a portion of their Common Shares and reinvest in the privatized Innergex an amount of not less than $15 million in the aggregate (on the basis of an amount per share equal to the per share consideration received by Innergex’s common shareholders under the Transaction), and other members of management and key employees will be invited to proceed similarly; and
  • Value supported by several fairness opinions: BMO Capital Markets (“BMO”), CIBC Capital Markets (“CIBC”) and Greenhill & Co. Canada Ltd., a Mizuho affiliate (“Greenhill”) have all provided the Board of Directors and the Special Committee with verbal opinions stating that, as at February 24, 2025, subject to the assumptions, limitations and qualifications set out in their respective opinions, the consideration to be received by the common shareholders of Innergex (other than CDPQ and the Rollover Shareholders) pursuant to the Transaction is fair, from a financial point of view, to such shareholders. Greenhill also provided a fairness opinion to the Special Committee and at its direction to the Board of Directors stating that, as at February 24, 2025, subject to the assumptions, limitations and qualifications set out in such opinion, the consideration to be received by the Series A preferred shareholders pursuant to the Transaction is fair, from a financial point of view, to such shareholders.

Board of Directors’ Recommendations

The Transaction was the result of a comprehensive negotiation process with CDPQ that was undertaken with the supervision and involvement of a special committee comprised solely of independent directors, namely Monique Mercier, Marc-André Aubé and Richard Gagnon (the “Special Committee”), advised by independent and highly qualified legal and financial advisors. The Special Committee, after receiving the fairness opinions of BMO, CIBC and Greenhill, as well as legal and financial advice, and upon the consideration of a number of other factors, has unanimously recommended that the Board of Directors approve the Transaction and recommend to Innergex’s common shareholders (other than CDPQ and the Rollover Shareholders) and Series A preferred shareholders to vote in favour of the Transaction at the meeting of shareholders to be called by Innergex to approve the Transaction (the “Meeting”).

The Board of Directors has also evaluated the Transaction with Innergex’s management and its legal and financial advisors and after receiving the fairness opinions, the unanimous recommendation from the Special Committee and legal and financial advice, has unanimously (Mr. Jean-Hugues Lafleur, Mr. Patrick Loulou and Mr. Michel Letellier having recused themselves from the meeting) determined that the Transaction is in the best interests of Innergex and is fair to its shareholders (other than CDPQ and the Rollover Shareholders). The Board of Directors, after receiving the fairness opinions and upon the unanimous recommendation of the Special Committee, in consultation with its financial and legal advisors, and following the consideration of a number of factors, also recommends unanimously (Mr. Jean-Hugues Lafleur, Mr. Patrick Loulou and Mr. Michel Letellier having recused themselves from the meeting) that Innergex’s common shareholders (other than CDPQ and the Rollover Shareholders) and Series A preferred shareholders vote in favour of the Transaction at the Meeting.

Fairness Opinions

In connection with their review and consideration of the Transaction, the Board of Directors engaged CIBC and BMO as its financial advisors. The Special Committee retained Greenhill to provide independent financial advice and fairness opinions to the Special Committee, and, at the request of the Special Committee, to the Board of Directors. CIBC, BMO and Greenhill all provided a verbal opinion to the Board of Directors and the Special Committee that, as at February 24, 2025, subject to the assumptions, limitations and qualifications set out in their respective opinions, the consideration to be received by Innergex’s common shareholders (other than CDPQ and the Rollover Shareholders) pursuant to the Transaction is fair from a financial point of view to such shareholders. The Special Committee and the Board of Directors also received a verbal opinion from Greenhill that the consideration to be received by Innergex’s Series A preferred shareholders pursuant to the Transaction is fair from a financial point of view to such shareholders.

Each fairness opinion provided to the Special Committee and the Board of Directors will be included in the management information circular (the “Circular”) to be mailed to Innergex’s securityholders in connection with the Meeting and to be filed by Innergex under its profile on SEDAR+ at www.sedarplus.ca and to be made available on Innergex’s website at www.innergex.com.

Additional Transaction Details

The Transaction will be implemented by way of a plan of arrangement under the Canada Business Corporations Act and is subject to approval by certain regulatory bodies and court approval, after considering the procedural and substantive fairness of the Transaction. The Transaction is not subject to any financing condition.

The Transaction is subject to the approval by at least two-thirds of the votes cast by common shareholders voting in person or by proxy at the Meeting. The acquisition of the Series A preferred shares is conditional upon the approval of at least two-thirds of the votes cast by Series A preferred shareholders voting in person or by proxy at the Meeting. However, completion of the Transaction is not conditional upon such approval. If the requisite approval from the Series A preferred shareholders is not obtained, such Series A preferred shares will remain outstanding in accordance with their terms. Further details regarding the applicable voting requirements will be contained in the Circular.

The Arrangement Agreement contains customary non-solicitation covenants on the part of Innergex, subject to customary “fiduciary out” provisions, as well as “right to match” provisions in favour of CDPQ. A termination fee of approximately $83.9 million would be payable by Innergex to CDPQ in certain circumstances, including in the context of a superior proposal supported by Innergex. A reverse termination fee of approximately $83.9 million would be payable by CDPQ to Infinity in certain circumstances where key regulatory approvals are not obtained prior to the outside date.

In connection with the Transaction, the Supporting Shareholders have agreed to support and vote all of their shares in favour of the Transaction, subject to customary exceptions.

Mr. Michel Letellier, Innergex’s President and Chief Executive Officer and Mr. Jean Trudel, Innergex’s Chief Financial Officer, have undertaken to roll a portion of their Common Shares and reinvest in the privatized Innergex an amount of not less than $15 million in the aggregate (on the basis of an amount per share equal to the per share consideration received by Innergex’s common shareholders under the Transaction) and other members of management and key employees will be invited to proceed similarly.

The Transaction also contemplates all the outstanding convertible debentures of Innergex will be repaid in full upon closing of the Transaction, including as to principal and accrued and unpaid interest thereon (including the 4.75% convertible unsecured subordinated due June 30, 2025, to the extent closing of the Transaction occurs prior to the maturity date for such debentures).

CDPQ intends to fund the acquisition and the repayment of existing Innergex indebtedness under its credit facility and convertible debentures with cash on hand and a new fully underwritten $1.2 billion senior financing that will be put in place at closing of the Transaction.

Upon the completion of the Transaction, Innergex intends to cause the Common Shares, the convertible debentures, the Series C preferred shares, and to the extent the Transaction is approved by the Series A preferred shareholders, the Series A preferred shares, to be delisted from the TSX. If the Transaction is approved by the Series A preferred shareholders, following closing, CDPQ intends to cause Innergex to submit an application to cease to be a reporting issuer under applicable Canadian securities laws.

Additional information regarding the terms and conditions of the Transaction, the rationale for the recommendations made by the Board of Directors and the Special Committee, the fairness opinions, the applicable voting requirements for the Transaction, and how shareholders can participate in and vote at the Meeting, will be set out in the Circular. Innergex intends to mail to Circular in the coming weeks and to hold the Meeting no later than on May 1, 2025. Copies of the Arrangement Agreement, the support and voting agreements, the Circular and proxy materials in respect of the Meeting will be available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca.

Advisors

BMO Capital Markets and CIBC Capital Markets are acting as financial advisors and McCarthy Tétrault LLP is acting as legal counsel to Innergex. Greenhill & Co. Canada Ltd., a Mizuho affiliate, is acting as independent financial advisor, and Norton Rose Fulbright Canada LLP is acting as legal counsel, to the Special Committee.

TD Securities and Moelis & Company LLC are acting as financial advisors and Fasken Martineau DuMoulin LLP is acting as legal counsel to CDPQ. TD Securities acted as sole underwriter, sole lead arranger and sole bookrunner for the new C$1.2 billion senior bank financing.

Cautionary Statement Regarding Forward-Looking Information

To inform readers of the Corporation’s future prospects, this press release contains forward-looking information within the meaning of applicable securities laws (“Forward-Looking Information”), including statements relating to the Transaction, the ability to complete the transactions contemplated by the Arrangement Agreement and the timing thereof, including the parties’ ability to satisfy the conditions to the consummation of the Transaction, the receipt of the required shareholder approvals, regulatory approvals and court approval and other customary closing conditions, the possibility of any termination of the Arrangement Agreement in accordance with its terms, and the expected benefits to the Corporation and its shareholders of the Transaction, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as “approximately”, “may”, “will”, “could”, “believes”, “expects”, “intends”, “should”, “would”, “plans”, “potential”, “project”, “anticipates”, “estimates”, “scheduled” or “forecasts”, or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.

Risks and uncertainties related to the transactions contemplated by the Arrangement Agreement include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and court approvals and other conditions to the closing of the Transaction or for other reasons; the negative impact that the failure to complete the Transaction for any reason could have on the price of the Corporation’s securities or on its business; CDPQ’s failure to pay the consideration at closing of the Transaction; the failure to realize the expected benefits of the Transaction; the restrictions imposed on the Corporation while the Transaction is pending; the business of the Corporation may experience significant disruptions, including loss of clients or employees due to Transaction-related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of the Corporation; the risk that legal proceedings may be instituted against the Corporation; significant transaction costs or unknown liabilities; and risks related to the diversion of management’s attention from the Corporation’s ongoing business operations while the Transaction is pending; and other risks and uncertainties affecting the Corporation. For more information on the risks and uncertainties, please refer to the “Forward-Looking Information” section of the Management’s Discussion and Analysis for the year ended December 31, 2024.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in Forward-Looking Information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such Forward-Looking Information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on Forward-Looking Information, which speaks only as of the date made. The Forward-Looking Information contained in this press release represents the Corporation’s expectations as of the date of this press release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Corporation disclaims any intention or obligation or undertaking to update or revise any Forward-Looking Information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the Forward-Looking Information contained in this press release is expressly qualified by the foregoing cautionary statements.

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Prosus to acquire Just Eat Takeaway.com for €4.1bn

Prosus
  • Prosus and Just Eat Takeaway.com agree on a recommended all-cash offer for all issued and outstanding shares of Just Eat Takeaway.com.
  • Prosus offers Just Eat Takeaway.com shareholders €20.30 per share in cash, a 49% premium to the 3-month volume weighted average price (“VWAP”)1 and a 22% premium to the 3-month high.
  • Offer unanimously supported and recommended by Just Eat Takeaway.com’s Management Board and Supervisory Board.
  • Prosus sees opportunity to accelerate growth at Just Eat Takeaway.com, leveraging its strong industry experience to innovate and drive efficiencies.
  • Transaction subject to customary pre-offer and offer conditions, including obtaining regulatory approvals.

24 February 2025, Amsterdam and Johannesburg – Prosus, the global technology company, today announced it has reached a conditional agreement to acquire Just Eat Takeaway.com (AMS:TKWY), to create the fourth largest food delivery group globally. Prosus intends to acquire Just Eat Takeaway.com’s entire issued share capital for €20.30 per share via a recommended all-cash public offer on the Amsterdam exchange. This represents a 49% premium to the 3-month VWAP as of 21 February 2025, and a 22% premium to Just Eat Takeaway.com’s highest share price over the last three months.

“We are excited for Just Eat Takeaway.com to join the Prosus Group and the opportunity to create a European tech champion,” said Fabricio Bloisi, Prosus’s CEO. “Prosus already has an extensive food delivery portfolio outside of Europe and a proven track record of profitable growth through investment in our customer and driver experiences, restaurant partnerships, and world-class logistics, powered by innovation and AI. We believe that combining Prosus’s strong technical and investment capabilities with Just Eat Takeaway.com’s leading brand position in key European markets will create significant value for our customers, drivers, partners, and shareholders.”

Just Eat Takeaway.com CEO, Jitse Groen added: “Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business. Prosus fully supports our strategic plans, and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech and other adjacencies. We are looking forward to an exciting future together.”

Strategic rationale:

Acquiring Just Eat Takeaway.com provides a unique opportunity to extend the leadership of a strong European food delivery platform, complementing Prosus’s existing food delivery footprint outside of Europe.

Just Eat Takeaway.com has a deep connection to its customer base and has developed some of the most loved food delivery brands in Europe. Its success within the United Kingdom, Germany and The Netherlands, has led to profitable, cash generative operations, with considerable growth potential, which Prosus intends to build upon.

As a leading global food delivery investor and operator, with a proven track record in successfully scaling ecommerce platforms, Prosus is well positioned to invest in and accelerate growth at Just Eat Takeaway.com to unlock value beyond its standalone potential as a listed business. Prosus’s highly effective growth strategy at iFood, in Brazil, provides a ready guide to transform Just Eat Takeaway.com’s growth path through renewed focus across tech, product features, demand generation, offer quality and service.

In particular, Prosus’s AI capabilities have been fundamental to the success of iFood. The implementation of AI has revolutionised operations at iFood and enhanced the customer experience and support for drivers, making it the most loved brand in Brazil. Similar opportunities exist at Just Eat Takeaway.com to improve the customer and driver experience, boost service reliability, and optimise logistics.

For full details on the proposed Transaction, timeline and process, reference is made to the joint press release by Prosus and Just Eat Takeaway.com, which can be accessed at www.prosus.com.

Prosus food delivery

Prosus has a strong track record in food delivery outside of Europe, having invested more than US$10 billion globally in driving the category’s momentum and success. Today, Prosus’s food businesses span 70+ countries, serving 1m+ restaurants around the world. The current portfolio includes full ownership of iFood, Latin America’s leading food delivery platform. Prosus holds a 28% stake in Delivery Hero, a leading global food delivery company and an approximate 4% stake in Meituan, the world’s largest food delivery business. Prosus also holds a 25% stake in Swiggy, a leading food and grocery delivery platform in India, which recently completed a successful IPO in India.

Just Eat Takeaway.com overview

Just Eat Takeaway.com operates in 17 international markets, with leading positions in the majority of its markets. Across its markets, it connects 61 million customers with over 356,000 local partners. As one of Europe’s most recognised food delivery brands platforms, Just Eat Takeaway.com has strong brand awareness in most of its markets. In 2024 it generated €26.3 billion in GTV (€18.9 billion excl. Grubhub) and delivered an adjusted EBITDA of €460 million (€313 million excl. Grubhub).

General restrictions

This announcement is issued pursuant to the provisions of Section 17, paragraph 1 of the European Market Abuse Regulation (596/2014).

The information in this announcement is not intended to be complete. This announcement is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities or investment advice or an inducement to enter into investment activity. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire the securities of Prosus or Just Eat Takeaway.com in any jurisdiction.

The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, Prosus disclaims any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither the Offeror, nor any of its advisors, assume any responsibility for any violation by any person of any of these restrictions. The Just Eat Takeaway.com shareholders in any doubt as to their position should consult an appropriate professional advisor without delay. This announcement is not to be released, published or distributed, in whole or in part, directly or indirectly, in any jurisdiction in which such release, publication or distribution would be unlawful, including in or to the United States.

Forward-looking statements

This press release may include “forward-looking statements” and language that indicates trends, such as “anticipated” and “expected”. Although Prosus believes that the assumptions upon which its financial information and forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Neither the Offeror, nor any of its advisors accepts any responsibility for any financial information contained in this press release relating to the business or operations or results or financial condition of the other or their respective groups.

Goldman Sachs is acting as financial advisor to Prosus. Allen Overy Shearman Sterling LLP, Skadden, Arps Slate, Meagher & Florm LLP and Davis Polk & Wardwell London LLP are acting as legal advisors to Prosus. Brunswick and FGS are acting as communications advisors to Prosus. Gleacher Shacklock LLP and Morgan Stanley & Co. International plc are acting as financial advisor and De Brauw Blackstone Westbroek N.V. is acting as legal advisor to Just Eat Takeaway.com. Lazard has provided an independent fairness opinion to the Supervisory Board of Just Eat Takeaway.com and Freshfields LLP is acting as legal advisor to the Supervisory Board. Confidant Partners is acting as the communications advisor to Just Eat Takeaway.com.

1 As of 21 February 2025

For more information, please contact:

Nicola McGowan
Chief Communications Officer
Tel: +44 75 6325 7245
Email: nicola.mcgowan@prosus.com		 Charlie Pemberton
Communications Director
Tel: +31 615 494 359
Email: charlie.pemberton@prosus.com
UK and International media enquiries
FGS
Email: prosus-uk@fgsglobal.com		 South African media enquiries Brunswick
Email: Brunswick-naspers@brunswickgroup.com
Dutch media enquiries
Stampa
Email: prosus@stampacommunications.com

Categories: News

TDR Capital V acquires CorpAcq

Tdr Capital

London, 24 February 2025 – TDR Capital LLP, a leading UK-based, European private equity firm, has made a majority investment in CorpAcq Holdings Limited (“CorpAcq”), a business acquisition compounder based in Altrincham, UK.

As part of the transaction, Vintage Strategies at Goldman Sachs Alternatives, an investor in CorpAcq since 2021, will re-invest to become a minority shareholder alongside TDR.

Founded in 2006 by Simon Orange, CorpAcq specialises in investments in wellestablished, stable and cash generative SMEs in the UK, with a focus on industrial products and services. Its current portfolio consists of a diversified group of over 40 companies delivering strong organic growth.

CorpAcq’s model allows founders to maintain management control and keep their existing brand. Being a long term, strategic investment partner that offers operational support to the businesses it owns has helped CorpAcq grow adjusted EBITDA by 17% per annum over the last five years, reaching £697m of revenues and £119m of adjusted EBITDA in the financial year ended 2023.

Simon Orange and the existing CorpAcq management team will maintain a significant shareholding and continue to run the business. TDR is confident that CorpAcq’s resilient portfolio, proven origination platform and ambitious growth plans will deliver significant upside potential. Its investment in the business will primarily support future CorpAcq acquisitions.

Simon Orange, Founder and Chairman of CorpAcq, said: “We have found an investment partner in TDR that aligns with CorpAcq’s value creation strategy, shares our long-term view, and is fully supportive of the business as we embark on our next phase of growth.” Tom Mitchell, Managing Partner at TDR Capital, said: “In CorpAcq, we identified a highly successful compounder of UK SMEs that has significant further growth potential. With our investment, CorpAcq can continue to provide its owner-friendly business combination strategy, and we look forward to working with Simon and the rest of the CorpAcq team to realise this.”

Nachiketa Rao, Managing Director in Vintage Strategies at Goldman Sachs Alternatives, said: “We are excited to have partnered with CorpAcq as a Portfolio Finance provider to support the impressive growth of their platform. We look forward to this next chapter alongside TDR and management as an equity co-investor.” Barclays and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised TDR. CorpAcq were advised by UBS Investment Bank and Reed Smith LLP. Vintage Strategies at Goldman Sachs Alternatives was advised by Ropes & Gray. –ENDS–

For further information, please contact: TDR Capital tdr@headlandconsultancy.com

About TDR Capital

TDR Capital LLP is a leading European private equity firm with over €15 billion of assets under management. Founded in 2002, TDR typically acquires majority stakes in strong, market-leading European companies with the potential for robust growth and resilience throughout economic cycles. The firm has managed five European mid-market buyout funds. The team of 61 professionals currently manages assets across four European mid-market buyout funds from its headquarters in London. To date, the firm has made 27 platform investments, and its portfolio companies employ over 270,000 people around the world. TDR takes a long-term approach to investment and, in addition to capital invested, also provides expert resource to help drive sustainable value creation and positive, transformational change within the businesses it owns.

For more information, visit tdrcapital.com.

About Vintage Strategies at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and openarchitecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Established in 1998, Vintage Strategies at Goldman Sachs Alternatives is one of the largest secondaries investors in the world and has invested over $70 billion of capital since inception and has been a pioneer in the industry. The business provides liquidity, capital and partnering solutions to private market investors and managers worldwide across a range of private market strategies. For more information, visit am.gs.com/engb/advisors/solutions/alternatives

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CVC agrees the sale of up to 54% stake in Healthcare Global Enterprises for up to US$400m

CVC Capital Partners

CVC, a leading global private markets manager, is pleased to announce the signing of definitive agreements for the sale of CVC Asia V’s majority stake in Healthcare Global Enterprises (“HCG”), a leading healthcare organization in India, to KKR. CVC Asia V will sell up to a 54% stake in HCG to funds managed by KKR, a leading global investment firm, at a purchase price of INR 445 per share.

Following the completion of the transaction Dr. BS Ajai Kumar, Founder of HCG, will take on the role of Non-Executive Chairman and will focus on driving clinical, academic and R&D excellence.

Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centres across 19 cities with best-in-class infrastructure including 2,500 beds, nearly 100 operating theatres and 40 linear accelerator machines (LINACs). Since CVC Asia V invested in 2020, CVC’s India team have worked closely with HCG on a transformational value creation program to drive revenue growth through and beyond COVID, improve key performance indicators, source and execute acquisitions and digital transformation, whilst ensuring continuous improvement in patient care and clinical outcomes.

Siddharth Patel, Managing Partner at CVC said: “We are proud to have supported HCG’s transformation at a critical juncture in time to build it into one of India’s leading healthcare organizations and the delivery of high-quality care to many patients over the years.”

Quotes

“We are proud to have supported HCG’s transformation at a critical juncture in time to build it into one of India’s leading healthcare organizations and the delivery of high-quality care to many patients over the years.”

Siddharth PatelManaging Partner at CVC

Amit Soni, Partner at CVC added: “Our partnership with Dr. Ajaikumar and the management team is a testimony to our ability to combine clinical and professional acumen to increase the reach of cancer care in India. We thank Dr. Ajai and the management for their unparalleled support and commitment to a common vision.”

Dr. BS Ajaikumar, Founder, HCG, said, “I want to thank CVC for their support through the years, helping the management to put HCG in the strong position it is in today. I am delighted to welcome KKR, with their investment and operational expertise in healthcare in India and globally, as a majority shareholder in HCG. Patient wellbeing and outcomes will always be a top priority for us at HCG, and in my new role as Non-Executive Chairman, I would focus on clinical aspects involving multi-disciplinary approach to cancer care, and research and development; and look forward to the journey of HCG where it continues to stay at the forefront of clinical excellence, research, and academics.”

The transaction is expected to close in Q3 2025, subject to customary closing conditions and regulatory approvals.

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EQT completes public offering of common stock of Waystar Holding Corp.

eqt
  • The offering resulted in aggregate gross proceeds of USD920 million, of which EQT received c. USD393 million

An affiliate of the fund known as EQT VIII (“EQT”) is pleased to announce the completion of an underwritten public offering (the “Offering”) of 23 million shares of common stock of Waystar Holding Corp. (NASDAQ: WAY) (the “Company”) (“Shares”) for aggregate gross proceeds of USD920 million. As part of the Offering, EQT sold c. 9.8 million Shares (and now holds c. 38.8 million Shares) and received gross proceeds of c. USD393 million. The remaining Shares sold in the Offering were sold by other stockholders of the Company. J.P. Morgan, Goldman Sachs & Co. LLC and Barclays acted as joint book-running managers of the Offering, which was completed on February 24, 2025, and as representatives of the several underwriters. The Company did not sell any Shares in the Offering and did not receive any proceeds from the sale of the Shares sold by EQT and the other stockholders.

Contact

EQT Press Office, press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com                                                                                                                                                        Follow EQT on LinkedIn, X, YouTube and Instagram

About Waystar

Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals Honor Roll. Waystar’s enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.

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Blackstone Infrastructure to Acquire Safe Harbor Marinas in $5.65B Transaction

Blackstone

New York – February 24, 2025 – Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure (“Blackstone”) have agreed to acquire Safe Harbor Marinas (“Safe Harbor”), the largest marina and superyacht servicing business in the United States, from Sun Communities, Inc (NYSE: SUI) for $5.65 billion.

Safe Harbor owns and operates 138 marinas across the U.S. and Puerto Rico and is the industry leader in the boat storage and servicing industry.

Commenting on the announcement, Heidi Boyd, Senior Managing Director in Blackstone’s infrastructure business said, “Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities. We believe Safe Harbor is the best positioned company in this sector, and we look forward to working with their terrific team to invest behind their existing marinas and to expand their footprint.”

This transaction builds on Blackstone Infrastructure’s diverse portfolio and speaks to the strong momentum of the business, which has grown approximately 40% year-over-year since inception, now managing $55 billion of assets (figures as of December 31, 2024). Blackstone Infrastructure invests in leading companies in sectors with strong tailwinds, and its portfolio companies include: QTS, the largest data center provider in the US; AirTrunk, the largest data center platform in the Asia-Pacific region; Carrix, the largest marine terminal operator in North America; Invenergy, the largest private renewables developer in the United States, among many others.

Wells Fargo served as lead financial advisor to Blackstone Infrastructure and provided committed financing for the transaction, while Gibson, Dunn & Crutcher LLP and Simpson Thacher & Bartlett LLP served as legal advisors.

About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

Contact
Paula Chirhart
Paula.Chirhart@Blackstone.com
347-463-5453

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Apollo Announces 2025 Annual Meeting of Stockholders

Apollo logo

NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that its 2025 Annual Meeting of Stockholders will be held virtually on June 6, 2025, at 9:30 am ET. The record date for the meeting is April 14, 2025. Information on the virtual meeting will be included in the 2025 proxy statement.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Forward-Looking Statements

This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, liquidity and capital resources and the other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “will,” “should,” “could,” or “may,” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. These statements are subject to certain risks, uncertainties and assumptions, including but not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on February 24, 2025, as such factors may be updated from time to time in Apollo’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in Apollo’s filings with the SEC. Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Categories: News

Apollo to Acquire Bridge Investment Group

Apollo logo

Scaled Investment Platform Expands Apollo’s Origination Capabilities in Residential and Industrial Real Estate

Bridge Manages $50 Billion of High-Quality AUM in Complementary Sectors Aligned with Apollo’s Long-Term Growth Strategy

NEW YORK and SALT LAKE CITY, Feb. 24, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all-stock transaction with an equity value of approximately $1.5 billion.

Founded in 2009, Bridge is an established leader in residential and industrial real estate as well as other specialized real estate asset classes. Led by an experienced senior leadership team and over 300 dedicated investment professionals with significant real estate investment and operating expertise, Bridge’s forward-integrated model, nationwide operating platform and data-driven approach have fostered organic growth and consistently produced desirable outcomes across asset classes.

Bridge will provide Apollo with immediate scale to its real estate equity platform and enhance Apollo’s origination capabilities in both real estate equity and credit, which is expected to benefit Apollo’s growing suite of hybrid and real estate product offerings. Bridge manages approximately $50 billion of high-quality AUM in real estate products targeting both institutional and wealth clients and is expected to be highly synergistic with Apollo’s existing real estate equity strategies and leading real estate credit platform. The transaction is expected to be immediately accretive to Apollo’s fee-related earnings upon closing.

Apollo Partner and Co-Head of Equity David Sambur said, “We are pleased to announce this transaction with Bridge, which is highly aligned with Apollo’s strategic focus on expanding our origination base in areas of our business that are growing but not yet at scale. Led by a respected real estate team including Executive Chairman Bob Morse and CEO Jonathan Slager, Bridge brings a seasoned team with deep expertise and a strong track record in their sectors. Their business will complement and further augment our existing real estate capabilities, and we believe we can help scale Bridge’s products by leveraging the breadth of our integrated platform. We look forward to working with Bob and the talented Bridge team as we seek to achieve the strategic objectives we laid out at our recent Investor Day.”

Bridge Executive Chairman Bob Morse said, “We are proud to be joining Apollo and its industry-leading team, who share our commitment to performance and excellence. This transaction will allow the Bridge and Apollo teams to grow on the strong foundation that Bridge has built since 2009 as we work to pursue meaningful value and impact for our investors and communities. With Apollo’s global integrated platform, resources, innovation and established expertise, we are confident that Bridge will be positioned for the next phase of growth amid growing demand across the alternative investments space.”

Transaction Details
Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive, at closing, 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively.

Upon the closing of the transaction, Bridge will operate as a standalone platform within Apollo’s asset management business, retaining its existing brand, management team and dedicated capital formation team. Bob Morse will become an Apollo Partner and lead Apollo’s real estate equity franchise.

A special committee of independent directors for Bridge (the “Special Committee”), advised by its own independent legal and financial advisors, reviewed, negotiated and unanimously recommended approval of the merger agreement by the Bridge Board of Directors, determining that it was in the best interests of Bridge and its stockholders not affiliated with Bridge management and directors. Acting upon the recommendation of the Special Committee, the Bridge Board of Directors approved the merger agreement. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions for transactions of this nature, including approval by a majority of the Class A common stock and Class B common stock of Bridge, voting together and the receipt of regulatory approvals. Certain members of Bridge management and their affiliates, collectively owning approximately 51.4% of the outstanding voting power of the Class A common stock and Class B common stock of Bridge, have entered into voting agreements in connection with the transaction and have agreed to vote in favor of the transaction in accordance with the terms therein. Subject to and upon completion of the transaction, shares of Bridge common stock will no longer be listed on the New York Stock Exchange and Bridge will become a privately held company.

Further information regarding terms and conditions contained in the definitive merger agreement will be made available in Bridge’s Current Report on Form 8-K, which will be filed in connection with this transaction.

Bridge Fourth Quarter and Full-Year 2024 Earnings
Bridge will no longer be holding its fourth quarter and full-year 2024 earnings conference call and webcast scheduled for February 25, 2025, due to the pending transaction.

Advisors
BofA Securities, Citi, Goldman, Sachs & Co. LLC, Morgan Stanley & Co. LLC and Newmark Group are acting as financial advisors, Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel and Sidley Austin LLP is acting as insurance regulatory counsel to Apollo. J.P. Morgan Securities LLC is serving as financial advisor to Bridge and Latham & Watkins LLP is acting as legal counsel. Lazard is serving as financial advisor to the special committee of the Bridge Board of Directors and Cravath, Swaine & Moore LLP is acting as legal counsel.

Statement Regarding Forward-Looking Information

This press release contains statements regarding Apollo, Bridge, the proposed transactions and other matters that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, discussions related to the proposed transaction between Apollo and the Company, including statements regarding the benefits of the proposed transaction and the anticipated timing and likelihood of completion of the proposed transaction, and information regarding the businesses of Apollo and the Company, including Apollo’s and the Company’s objectives, plans and strategies for future operations, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that Apollo and the Company intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “indicator,” “may,” “will,” “should,” “expects,” “plans,” “seek,” “anticipates,” “plan,” “forecasts,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions, but not all forward- looking statements include such words. These forward-looking statements are subject to certain risks, uncertainties and assumptions, many of which are beyond the control of Apollo and the Company, that could cause actual results and performance to differ materially from those expressed in such forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those factors and risks described under the section entitled “Risk Factors” in Apollo’s and the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and such reports that are subsequently filed with the Securities and Exchange Commission (the “SEC”).

The forward-looking statements are subject to certain risks, uncertainties and assumptions, which include, but are not limited to, and in each case as a possible result of the proposed transaction on each of Apollo and the Company: the ultimate outcome of the proposed transaction between Apollo and the Company, including the possibility that the Company’s stockholders will not adopt the merger agreement in respect of the proposed transaction; the effect of the announcement of the proposed transaction; the ability to operate Apollo’s and the Company’s respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement and the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by the Company’s stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of Apollo and the Company to integrate the businesses successfully and to achieve anticipated synergies and value creation from the proposed transaction; global market, political and economic conditions, including in the markets in which Apollo and the Company operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; litigation and regulatory proceedings, including any proceedings that may be instituted against Apollo or the Company related to the proposed transaction; and disruptions of Apollo’s or the Company’s information technology systems.

These risks, as well as other risks related to the proposed transaction, will be included in the Registration Statement (as defined below) and Joint Proxy Statement/Prospectus (as defined below) that will be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the Registration Statement and Joint Proxy Statement/Prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Other unknown or unpredictable factors also could have a material adverse effect on Apollo’s and the Company’s business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, neither Apollo nor the Company undertakes (and each of Apollo and the Company expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.

Additional Information Regarding the Transaction and Where to Find It

This press release is being made in respect of the proposed transaction between Apollo and the Company. In connection with the proposed transaction, Apollo intends to file with the SEC a registration statement on Form S-4, which will constitute a prospectus of Apollo for the issuance of Apollo common stock (the “Registration Statement”) and which will also include a proxy statement of the Company for the Company stockholder meeting (together with any amendments or supplements thereto, and together with the Registration Statement, the “Joint Proxy Statement/Prospectus”). Each of Apollo and the Company may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the Registration Statement or Joint Proxy Statement/Prospectus or any other document that Apollo or the Company may file with the SEC. The definitive Joint Proxy Statement/Prospectus (if and when available) will be mailed to stockholders of the Company.

INVESTORS ARE URGED TO READ IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors will be able to obtain free copies of the Registration Statement and Joint Proxy Statement/Prospectus (if and when available) and other documents containing important information about Apollo, the Company and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished to, the SEC by Apollo will be available free of charge by accessing the Investor Relations section of Apollo’s website at https://ir.apollo.com. Copies of the documents filed with, or furnished to, the SEC by the Company will be available free of charge by accessing the Investor Relations section of the Company’s website at https://www.bridgeig.com. The information included on, or accessible through, Apollo’s or the Company’s website is not incorporated by reference into this communication.

Participants in the Solicitation

Apollo, the Company, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in respect of the proposed transaction. Information about the directors and executive officers of Apollo, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in its Proxy Statement on Schedule 14A, dated April 26, 2024 (the “Apollo Annual Meeting Proxy Statement”), which is filed with the SEC. Any changes in the holdings of Apollo’s securities by Apollo’s directors or executive officers from the amounts described in the Apollo Annual Meeting Proxy Statement have been or will be reflected in Initial Statements of Beneficial Ownership of Securities on Form 3 (“Form 3”), Statements of Changes in Beneficial Ownership on Form 4 (“Form 4”) or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 (“Form 5”) subsequently filed with the SEC and available at the SEC’s website at www.sec.gov. Information about the directors and executive officers of the Company, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in its Proxy Statement on Schedule 14A, dated March 21, 2024 (the “Company Annual Meeting Proxy Statement”), which is filed with the SEC. Any changes in the holdings of the Company’s securities by the Company’s directors or executive officers from the amounts described in the Company Annual Meeting Proxy Statement have been or will be reflected on Forms 3, Forms 4 or Forms 5, subsequently filed with the SEC and available at the SEC’s website at www.sec.gov. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement and the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the Registration Statement and the Joint Proxy Statement/Prospectus carefully when available before making any voting or investment decisions.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About Bridge Investment Group
Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $50 billion of assets under management as of December 31, 2024. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select verticals across real estate, credit, renewable energy and secondaries strategies.

Contacts

For Apollo:

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
ir@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
communications@apollo.com

For Bridge:

Shareholder Relations:
Bonni Rosen Salisbury
Bridge Investment Group Holdings Inc.
shareholderrelations@bridgeig.com

Media:
Charlotte Morse
Bridge Investment Group Holdings Inc.
(877) 866-4540
charlotte.morse@bridgeig.com

H/Advisors Abernathy
Eric Bonach / Dan Scorpio
(917) 710-7973 / (646) 899-8118
eric.bonach@h-advisors.global / dan.scorpio@h-advisors.global

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InvestCloud Announces Founding Partnership with Apollo Enabling Groundbreaking Private Markets Account™ Network for Integrated Management of Public and Private Markets Assets

Apollo logo
InvestCloud to enable multiple service providers across the InvestCloud PMA Network to seamlessly access the full suite of capabilities to manage alternative investments on InvestCloud APL, a market-leading managed account platform with more than $3 trillion of assets on the platform
Apollo to provide private markets model portfolios enabling a financial advisor’s preferred portfolio construction – including fixed income, equity and real asset private market replacement solutions, risk-based portfolios and outcome-based solutions – across the InvestCloud platform 

Los Angeles, CA – February 20, 2025 – InvestCloud, a global leader in wealth technology, today announced a founding partnership with Apollo (NYSE: APO) to activate the Private Markets Account Network (PMA Network), which was launched with the first-of-its-kind Private Markets Account (PMA) in December 2024. Only available from InvestCloud, the PMA combines public and private assets within a single, unified platform to enable a seamless wealth management experience for financial advisors and their clients.

This collaboration enables InvestCloud’s wealth management clients to incorporate Apollo’s private market model portfolios, and multi-manager models, into their managed account programs through its industry-leading APL platform. By offering efficient access to private markets alongside traditional public market securities, the partnership empowers thousands of advisors to diversify portfolios with confidence and achieve better investment outcomes for millions of clients.

The PMA Network is a connected ecosystem of asset managers, wealth managers, intermediaries, distributors and model creators that will include access to Apollo’s private market model portfolios within the PMA, a centralized point for holding, valuing and rebalancing alternative investments for those who are eligible. The PMA Network will use the InvestCloud platform to connect wealth managers to an array of alternative asset managers, making private markets products available for inclusion in portfolios. Apollo is the founding alternative asset manager in the PMA Network, leading the market on combining private and public market investments in a single portfolio.

“The PMA Network is a unique InvestCloud innovation designed to crack the code on how wealth managers, financial advisors and investors access private markets to deliver a unique and seamless public-private investment experience,” said Jeff Yabuki, Chairman and CEO of InvestCloud. “By combining Apollo’s deep private market expertise with our leading technology, we are dramatically accelerating the integration of private markets into the wealth management landscape.”

Yabuki added, “We are thrilled to have Apollo as the founding alternative asset manager to join the PMA Network, which connects private markets asset managers, wealth managers and other suppliers. The Network is further democratizing access to private markets, helping our clients to achieve better outcomes for their customers. The PMA is a truly innovative solution, and the close partnership with Apollo creates an unrivalled capability, offering and platform.”

“The convergence of private and public markets is shaping the future of wealth management. Apollo is investing heavily to provide the global wealth market access to private markets investments and seamless infrastructure for advisors to integrate these solutions into their broader client portfolios. Today’s announcement is the culmination of months of deep collaboration with InvestCloud, a partnership we believe marks a pivotal step for the wealth management industry to broadly manage true total-market portfolios. Leveraging InvestCloud’s world-class platform, and client base of leading wealth management firms, Apollo and other general partners within the PMA Network can gain unparalleled access to distribution channels, creating new possibilities for the entire ecosystem,” said Stephanie Drescher, Partner and Chief Client and Product Development Officer at Apollo Global Management.

Apollo’s portfolio strategies include a wide range of private market investments. Designed to simplify and align with advisors’ preferred portfolio construction approach, Apollo’s model solutions can support full fixed income, equity and real asset replacement solutions to create complementary risk-based total market portfolios, as well as outcome-based private market solutions.

Originally unveiled in December 2024, InvestCloud’s Private Markets Account is poised to evolve further in 2025 with enhanced capabilities to help clients stay ahead of the market. The PMA is enabled by APL from InvestCloud, which is the largest managed accounts platform in the country with more than $3 trillion of assets across nearly 10 million accounts utilizing nearly 4 million models on its market-leading technology. APL will bring the innovation of the PMA to the network, with enhanced efficiency and effectiveness.

About InvestCloud

InvestCloud, a global leader in wealth technology, aspires to enable a smarter financial future. Driving the digital transformation of the wealth management industry, the company serves a broad array of clients globally, including Wealth and Asset Managers, Wirehouses, Banks, RIAs, and Insurers. In terms of scale, the company’s clients represent more than 40 percent of the $132 trillion of total assets globally. As a leader in delivering personalization and scale across advisory programs, including unified managed accounts (UMA) and separately managed accounts (SMA), the company is committed to the success of its clients. By equipping and enabling advisors and their clients with connected technology, enhanced intelligence, and inspired experiences, InvestCloud delivers leading digital wealth management and financial planning solutions, complemented by a dynamic data warehouse, which scale across the complete wealth continuum. In 2024, InvestCloud introduced the first-of-its-kind Private Markets Account™ and Private Markets Account Network to enable integrated management of public and private markets assets from a single, unified managed account. InvestCloud was also named a CNBC World’s Top Fintech Company, a proof point of the company’s commitment to innovation and client success. Headquartered in the United States, InvestCloud serves clients around the world. Learn more at:  https://investcloud.com/pma/

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately USD $751 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Forward-Looking Statements

This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business and other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions. Apollo believes these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in Apollo’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in Apollo’s other filings with the SEC. Apollo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Contact Information
InvestCloud

Britt Zarling
Managing Director, Marketing & Communications
Motive Partners
(414) 526-3107
britt.zarling@motivepartners.com

Apollo

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Categories: News

KKR Acquires Controlling Stake in Indian Healthcare Provider Healthcare Global Enterprises for $400 Million

KKR

KKR to be the largest and controlling shareholder

MUMBAI, India–(BUSINESS WIRE)– KKR, a leading global investment firm, and Healthcare Global Enterprises (BSE: 539787; NSE: HCG; “HCG”), a leading healthcare organization in India, today announced the signing of definitive agreements with CVC, a leading global private markets manager, under which funds managed by KKR (“KKR”) will become the largest shareholder in HCG and assume sole control of HCG’s operations. Dr. BS Ajaikumar, Founder of HCG, will take on the role of Non-Executive Chairman and be focused on driving clinical, academic and research and development excellence.

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As part of the transaction, KKR will acquire up to 54% of equity in HCG from CVC Asia V at a purchase price of INR 445 per share. Pursuant to the Securities and Exchange Board of India’s (“SEBI”) Takeover Regulations, an open offer will be conducted by KKR to purchase additional equity shares in HCG from public shareholders. Upon completion of the transaction, KKR is expected to hold an equity stake of between 54-77%.

Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centers across 19 cities with best-in-class infrastructure including 2,500 beds, nearly 100 operating theaters and 40 linear accelerator machines (LINACs).

Akshay Tanna, Partner and Head of India Private Equity, KKR, said, “HCG is a pioneer in cancer care in India and has established itself as an important healthcare provider in the country for the past three decades. As healthcare continues to be a thematic focus for KKR in India, our investment in HCG will support the development of medical infrastructure and the delivery of critical oncology services and care to more patients in the country. We look forward to leveraging KKR’s global healthcare expertise to strengthen HCG’s offerings and working with Dr. BS Jaikumar to further enhance HCG’s clinical excellence.”

Dr. BS Ajaikumar, Founder, HCG, said, “I want to thank CVC for their support through the years, helping the management to put HCG in the strong position it is in today. I am delighted to welcome KKR, with their investment and operational expertise in healthcare in India and globally, as a majority shareholder in HCG. Patient well-being and outcomes will always be a top priority for us at HCG, and in my new role as Non-Executive Chairman, I will focus on clinical aspects involving multi-disciplinary approach to cancer care, and research and development; and look forward to the journey of HCG where it continues to stay at the forefront of clinical excellence, research, and academics.”

Siddharth Patel, Managing Partner, CVC, said, “We are proud to have supported HCG’s transformation at a critical juncture in time to build it into one of India’s leading healthcare organizations and the delivery of high-quality care to many patients over the years.” Amit Soni, Partner, CVC added, “Our partnership with Dr. Ajaikumar and the management team is a testimony to the ability to combine clinical and professional acumen to increase the reach of cancer care in India. We thank Dr. Ajai and the management for their unparalleled support and commitment to a common vision.”

KKR makes its investment from its Asia Fund IV. This transaction marks KKR’s latest investment in India’s healthcare space. Past investments in this sector have included Baby Memorial Hospital, a leading regional multi-specialty hospital chains in India; Healthium, a leading Indian medical devices company; Infinx, a tech-enabled healthcare revenue solutions provider; Max Healthcare, one of India’s largest hospital networks; JB, a leading branded formulations pharmaceutical company in India and Gland Pharma, a leading Indian pure-play generic injectable pharmaceutical products company.

The transaction is expected to close by the third quarter of 2025, subject to customary closing conditions and regulatory approvals.

About HCG

HealthCare Global Enterprises Ltd. (HCG), headquartered in Bengaluru, is one of the largest providers of cancer care in India. Through its network of 25 comprehensive cancer centers, HCG has brought advanced cancer care to the doorstep of millions of people. HCG’s comprehensive cancer centers provide expertise and advanced technologies for the effective diagnosis and treatment of cancer under one roof.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About CVC

CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €200 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of approximately €249 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 140 companies worldwide, which have combined annual sales of over €162 billion and employ over 580,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

Media Inquiries
For HCG
Shipali S Poojary
shipali.p@hcgel.com

For KKR
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

For CVC
Delna Irani
Adfactors PR
+91 22 6757 4444
cvc@adfactorspr.com

Source: KKR

 

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