Apollo Global Management (APO) Announces New $500 Million Share Repurchase Authorization
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Apollo Global Management, Inc. (NYSE: APO) (the “Company,” and together with its consolidated subsidiaries, “Apollo”) today announced that the executive committee of its board of directors has approved a new share repurchase authorization that allows the Company to repurchase up to $500 million of its Class A common stock. This new authorization, which is effective immediately, increases Apollo’s capacity to repurchase shares from $80 million of unused capacity under the Company’s previously approved plan.
Additional Details Regarding Share Repurchase Plan
The executive committee of the Company’s board of directors has authorized a share repurchase program of $500 million, which may be used to repurchase the Company’s outstanding Class A common stock (“Class A shares”) as well as to reduce Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2019 Omnibus Equity Incentive Plan (and any successor equity plan thereto). Class A shares may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or otherwise, with the size and timing of these repurchases depending on legal requirements, price, market and economic conditions and other factors. The Company is not obligated under the terms of the program to repurchase any of its Class A shares. The repurchase program has no expiration date and may be suspended or terminated by the Company at any time without prior notice. Class A shares repurchased as part of this program will be canceled by the Company.
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