Apollo Funds to Acquire Verizon Media

verizon

Funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) entered into an agreement to acquire Verizon Media for $5 billion.

Under the terms of the agreement, Verizon will receive $4.25 billion in cash, preferred interests of $750m and retain a 10% stake in Verizon Media.

The transaction, subject to satisfaction of certain closing conditions and expected to close in the second half of 2021, includes the assets of Verizon Media, including its brands and businesses. The company will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.

Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as ad tech and media platform businesses. The corporate carveout will allow Verizon Media to pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide. 

LionTree served as lead financial advisor to and will invest alongside the Apollo Funds. RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction.

FinSMEs

04/05/2021