Private-equity firms were once niche players serving big clients. Now they’re trying to be everything to everyone.
CenturyLink is selling large portions of its copper network in 20 states to a private-equity firm, letting the telco pull out of rural areas where it doesn’t plan to install fiber-to-the-home technology. CenturyLink agreed to sell the networks for $7.5 billion to Apollo Funds, a private-equity fund operated by Apollo Global Management. Apollo will also take $1.4 billion of debt off CenturyLink’s hands.
Under the deal expected to close in the second half of 2022, Apollo will acquire the CenturyLink ILEC (Incumbent Local Exchange Carrier) business in the 20 states, including “consumer, small business, wholesale, and mostly copper-served enterprise customers and assets,” a press release said yesterday. The networks in the pending sale reach seven million residences and businesses but only have 200,000 fiber-to-the-premises deployments.
CenturyLink said it will keep its ILEC networks in 16 states where it has 2.4 million fiber-to-the-premises deployments among 21 million homes and businesses, saying these networks have “significant overlap” with its “enterprise and fiber-to-the-home build opportunities.”
The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.
The split of Bill and Melinda Gates raises questions about the fate of their vast fortune.
Verizon offloaded its media business to Apollo Global Management in a deal valued at $5 billion as the mobile phone giant focuses on building out its 5G network.
Verizon announced on Monday that it is selling Yahoo and AOL for $5 billion to private-equity firm Apollo Global Management. Verizon made the deal official just a few days after news reports said that Verizon had put Yahoo and AOL up for sale. The media division will be known just as “Yahoo” after the sale is completed later this year.
Verizon purchased AOL in 2015 for $4.4 billion and Yahoo in 2017 for $4.5 billion, even though the once-dominant Internet brands had fallen from prominence years before. Verizon’s attempt to compete against Google and Facebook in the online advertising market didn’t work out, leading to a series of layoffs and a goodwill impairment charge of about $4.6 billion.
Verizon tried to put a positive spin on the sale in today’s press release, saying that the Yahoo/AOL division known as Verizon Media is “one of the world’s premier global technology and media companies.” Besides Yahoo and AOL, Verizon Media includes “leading ad tech and media platform businesses,” Verizon said.
In the wake of protests from artists and activists over his ties to the convicted sex offender Jeffrey Epstein, the investor agreed not to stand for re-election in June.
The Wall Street billionaire, who was the main client of the disgraced financier Jeffrey Epstein in recent years, decided to leave for health reasons.
The future of gun control may be at stake.
Ai Weiwei and other artists say the investor Leon Black should step down as MoMA’s chairman amid revelations that he paid $158 million to Jeffrey Epstein.
After the disclosure that Mr. Black had paid Jeffrey Epstein $158 million, some have called for his removal.
Mr. Epstein specialized in aggressively pitching ways to minimize paying taxes. And not just to Mr. Black, the private equity chief executive who was his main benefactor in his later years.
An inquiry’s finding that Leon Black, the billionaire boss of Apollo Global Management, paid the convicted sex offender $150 million touched off an attempt to remove him.
Business is about accountability.
Mr. Black, the billionaire chief executive of Apollo Global Management, said others’ continued association with Mr. Epstein had given him “misplaced comfort” in doing business with him.
Leon Black, Apollo Global Management’s co-founder and leader, has been facing questions from investors over his ties to the convicted sex offender. One has already opted to withhold new investment.
Mr. Black, the chief executive and chairman of Apollo Global Management, asked independent board members to examine his relationship with the convicted sex offender.
Leon Black, whose $9 billion fortune could buy the best counsel in the world, paid at least $50 million to Mr. Epstein for advice and services after most others had deserted him.
The territory’s attorney general wants to know more about Leon Black’s dealings with Jeffrey Epstein, who died while facing sex-trafficking charges.
Members of a congressional oversight panel want to know how YRC Worldwide won a $700 million loan from the Treasury Department.
The family-owned publisher of The Sacramento Bee and The Miami Herald announced the winner of its bankruptcy sale: Chatham Asset Management, the owner of The National Enquirer.
As the government rolls out trillions of dollars in emergency stimulus funds, a push by the industry has met with only modest success.
Whatever you think about it, public pensions are dependent on private equity investments for returns, and their portfolio companies employ millions.