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Dec. 2, 2021, 8:11 a.m. EST

Apollo to acquire Griffin Capital's wealth and asset management business with more than $5 billion in AUM

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By Ciara Linnane

Apollo Global Management Inc. /zigman2/quotes/203829595/composite APO -1.71% said Thursday it has agreed to acquire the U.S. wealth distribution and asset management businesses of Griffin Capital, adding more than $5 billion in assets under management. Terms of the deal were not disclosed, although the private-equity giant said it expects to close in the first half of 2022 and to be breakeven to per-share earnings in 2022 and become a "meaningful" driver of earnings growth in the coming years. Griffin was formed in 1995 and has built a track record as a provider of alternative investments to advisors in the U.S. "Griffin's approximately 60 client-facing distribution professionals work across the wealth management landscape and are particularly well-established in the independent channel, a complement to Apollo's focus to-date on private banks, wirehouses, RIAs and family offices," the company said in a statement. "Apollo intends to integrate the team into its Global Wealth business, rapidly scaling the strategic initiative. The acquisition also adds valuable technology, infrastructure and hundreds of distribution agreements to the Global Wealth platform." Apollo shares were not yet active premarket, but have gained 44% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.84% has gained 20%.

/zigman2/quotes/203829595/composite
US : U.S.: NYSE
$ 67.65
-1.18 -1.71%
Volume: 5.58M
Jan. 18, 2022 4:00p
P/E Ratio
7.91
Dividend Yield
2.96%
Market Cap
$52.11 billion
Rev. per Employee
$2.08M
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/zigman2/quotes/210599714/realtime
US : S&P US
4,577.11
-85.74 -1.84%
Volume: 2.74B
Jan. 18, 2022 4:56p
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