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Apollo to Acquire Argo Infrastructure Partners

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Acquisition of Complementary Mid-Market Infrastructure Manager Deepens Origination and Asset Management Capabilities in Fast-Growing Sectors Strategically Aligned with Apollo’s Long-Term Growth Objectives

NEW YORK, Jan. 13, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that it has entered into an agreement to acquire Argo Infrastructure Partners (“Argo”), a leading mid-market asset manager targeting essential infrastructure assets in North America, in a stock and cash transaction. At closing, Argo will add approximately $6 billion of high-quality assets to the Apollo infrastructure platform, as well as an experienced team of more than 20 professionals focused on core and core plus infrastructure equity opportunities.

Established in 2013, Argo has a successful track record of long-term value creation in digital infrastructure, renewable energy, transportation, utilities and other industries. Argo’s focus on core and core plus infrastructure assets will broaden Apollo’s Sustainability & Infrastructure strategies and deepens Apollo’s existing origination capabilities within key sectors that Apollo believes will continue to benefit from robust investment, including digital infrastructure and the energy transition.

“We are excited to announce this agreement with Argo which will add capabilities that are highly complementary to our existing value-add investment strategy. The Argo team has curated a high-quality portfolio, managing assets on behalf of a top-tier group of institutional investors,” said Harry Seekings and Olivia Wassenaar, Partners and Co-Heads of Infrastructure at Apollo. “Argo has an experienced team with deep origination and asset management expertise, and we look forward to integrating this successful strategy into our franchise, continuing the team’s strong track record of providing investors with thoughtful, differentiated access to mid-market core and core plus infrastructure.”

“Since its founding in 2013, Argo has had a mission to focus relentlessly on delivering on our innovative investment strategy, bringing creativity to a mature, but vital, sector. With this mindset, Argo has built a leading infrastructure platform, managing 18 portfolio companies across the U.S. and Canada. Apollo’s global reach, extensive resources and shared commitment to long-term value creation make them the ideal partner to carry forward Argo’s mission,” said Jason Zibarras, Founding Partner of Argo.

Upon closing, Argo will join Apollo’s Sustainability & Infrastructure group, which includes strategies across the risk-return spectrum from private credit and value add infrastructure equity to infrastructure private equity.

Apollo expects the transaction will be modestly accretive to fee-related earnings in 2026. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be completed in the second quarter of 2025.

Advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Apollo. Fenchurch Advisory Partners is acting as exclusive financial advisor and Latham & Watkins is serving as legal counsel to Argo.

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 September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About Argo Infrastructure Partners
Argo Infrastructure Partners LP, founded by Jason Zibarras, is an independent fund manager with a long-term approach to infrastructure investing. Argo invests in high-quality infrastructure businesses and assets that provide essential services to their communities over their long operational lives, including investments in utilities, renewable energy, digital infrastructure, and other long duration infrastructure assets. Argo’s investment philosophy couples sound investment return with responsible and sustainable investing. As of January 2025, Argo manages over $6 billion in assets on behalf of its investor partners. For more information, visit www.argoip.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 annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2024, and the quarterly report on Form 10-Q filed with the SEC on November 6, 2024, 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.

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 Argo:

Argo Infrastructure Partners
info@ArgoIP.com

Media Contact
Ira Gorsky
ArgoInfrastructurePartners@edelmansmithfield.com

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KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies

KKR

Investment to support modernization of infrastructure and increased reliability

Strategic partnership comes as need for reliable power soars in the U.S.

NEW YORK–(BUSINESS WIRE)– Today, investment funds managed by KKR, a leading global investment firm, and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investors, announced an agreement to acquire a 19.9% interest in American Electric Power’s (“AEP”) Ohio and Indiana & Michigan transmission companies for $2.82 billion. Founded in 1906 and one of the largest electric utilities in the U.S., AEP has pioneered the country’s energy system through the delivery of safe, reliable and affordable energy for millions of homes. The investment will support AEP’s ability to meet increasing customer demand and enhance grid reliability. KKR and PSP Investments have formed a 50/50 strategic partnership to pursue the acquisition.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250109303908/en/

AEP is a fully regulated electric utility that serves 5.6 million retail and wholesale customers across 11 states. Ohio, Indiana and Michigan are among AEP’s fastest-growing service territories driven primarily by the strong American manufacturing industry and newer sources of load growth. The investment by KKR and PSP Investments in these two transmission companies will support AEP’s previously announced five-year capital plan to benefit customers.

“We are thrilled to strategically partner with the best-in-class leader in transmission in the U.S., and are impressed with AEP’s deep operational capabilities, highly experienced leadership team, and its history of innovation,” said Kathleen Lawler, Managing Director, KKR. “KKR’s infrastructure business has a long track record of investing behind the energy transition and electrification opportunities, and this investment in AEP sits squarely at the intersection of these two trends. The simplicity and stability of the assets, coupled with the robust demand for electricity, make AEP’s transmission assets an ideal investment for KKR.”

“We are delighted to form this partnership with AEP to support its ambitious growth plan to build much needed transmission infrastructure in a region that is undergoing significant tailwinds from digitalization and reshoring of critical manufacturing,” said Michael Rosenfeld, Managing Director, Infrastructure Investments, PSP Investments. “This investment marks an important milestone in PSP Infrastructure’s roll out of its High Inflation Correlated Infrastructure (“HICI”) strategy, which is predicated on investing in North American core infrastructure assets that exhibit a defensive and predictable inflation-linked cashflow profile.”

“We are pleased to launch this strategic partnership with two of the world’s premier global infrastructure investors. KKR and PSP are experienced investors in the utilities and energy space with a proven track record of successful infrastructure investments,” said Bill Fehrman, AEP president and chief executive officer. “This transaction allows AEP to efficiently finance a growing segment of our business and enhances our ability to serve growing customer demand and provide reliable service to our customers.”

Upon the closing of the transaction, AEP will remain the majority owner and operator of the transmission assets. KKR is funding this investment from its core infrastructure strategy.

Moelis and Morgan Stanley served as financial advisors and Simpson Thacher served as legal advisor to KKR and PSP Investments.

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 PSP Investments

The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

Media:

KKR
Liidia Liuksila or Emily Cummings
(212) 750-8300
media@kkr.com

PSP Investments
Charles Bonhomme
+1 438 465-1260
media@investpsp.ca

Source: KKR

 

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EQT to Exit Indian Renewable Energy Platform O2 Power

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EQT and Temasek to sell O2 Power to JSW Neo Energy for USD 1.5 billion.

O2 Power was established as a new company in 2020 by EQT and Temasek and has since grown to become a leading player in India’s renewable energy sector, achieving 4.7 gigawatt of total capacity.

O2 Power represents EQT’s first infrastructure investment in Asia Pacific, as well as EQT’s first infrastructure exit in the region.

EQT Infrastructure IV (“EQT”) and Temasek today announced the 100% sale of O2 Power (the “Company”) to JSW Neo Energy, a wholly owned subsidiary of JSW Energy, for USD 1.5 billion. Established as a new company in 2020 by EQT and Temasek, both organizations have worked to build and support O2 Power from a greenfield renewables start-up, into one of India’s largest renewable energy platforms, specializing in utility-scale projects across solar, wind and hybrid energy technologies. Headquartered in Gurgaon, India, the Company has secured a total capacity of 4.7 gigawatt since its inception, with 2.3 gigawatt expected to be operational by June 2025.

The Company was built around robust governance structures, operational processes and scalable systems, alongside a diverse board with both global and local expertise. This laid the foundation for growth while upholding transparency and accountability.

Under EQT and Temasek’s ownership, O2 Power successfully diversified into solar, wind, hybrid technologies and adjacent battery energy storage solutions. The Company also expanded its presence serving both the public utility and Commercial & Industrial segments, securing its position as a leader in India’s renewable energy market.

As a result, since its inception, O2 Power has grown from a team of experienced co-founders into a professional organization with over 300 employees. In addition to deep project lifecycle expertise, the Company established robust central functions in finance, compliance, HR and other key areas to position itself for long-term success. Despite the challenges posed by the COVID-19 pandemic, the Company demonstrated resilience and strategic agility, achieving continued growth through disciplined expansion and targeted acquisitions.

The transaction marks a significant milestone for EQT in Asia Pacific, as O2 Power was EQT’s first infrastructure investment in the region, and it is now the firm’s first infrastructure exit. O2 Power aligns with EQT’s thematic investment focus on energy transition infrastructure, including renewable platforms. India’s renewable energy market remains one of the fastest-growing globally, driven by the government’s ambitious targets of achieving 500 gigawatts of installed renewable capacity by 2030. O2 Power’s track record and strategic positioning equip it to continue contributing meaningfully to a cleaner and more sustainable energy future for the country.

Piyush Singhvi, Managing Director and Head of India & Southeast Asia for the EQT Infrastructure advisory team, said, “India is one of the most exciting renewable energy markets globally, and O2 Power has been playing a key role in advancing its clean energy transition. We are proud to have been part of this pivotal effort. O2 Power’s success as a scaled and diversified renewable energy platform is a true testament to the power of disciplined governance, strategic innovation, and a shared vision for a greener future. Under Parag’s exceptional leadership, O2 Power has built a strong platform that will further thrive with JSW Neo Energy’s support. We look forward to seeing it continue to drive the energy transition in India and a cleaner, more sustainable future.”

Parag Sharma, CEO of O2 Power, said, “This transaction marks an exciting new chapter for O2 Power. I want to thank our incredible team, especially the site teams, whose dedication has been critical to our success. We remain committed to providing our team with continuing opportunities for growth as we work to commission incremental capacity and expand our pipeline. We are deeply grateful to EQT and Temasek for their support in establishing O2 Power as a leader in India’s renewable energy sector. With the backing of JSW Neo Energy, we aim to build India’s most impactful renewable energy business, solidifying our position as a market leader while driving the nation’s renewable energy goals.”

Barclays served as financial advisor to EQT and Temasek, and A&O Shearman served as legal advisor to EQT and Temasek.

EQT Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into 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 Temasek
Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$389 billion (US$288b) as at 31 March 2024. Operating on commercial principles, it seeks to deliver sustainable returns over the long term. Temasek has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.

More info: www.temasek.com.sg

About O2 Power
O2 Power is a leading renewable energy company in India with expertise in wind and solar energy across both utility-scale and C&I segments. The company holds an extensive portfolio of both commissioned and under development capacity. Operating across eight states, O2 Power leverages innovative energy solutioning and strong execution capabilities to drive India’s transition to sustainable energy.

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Ardian becomes Heathrow’s largest shareholder as acquisition completes

Ardian

This statement should be read in conjunction with Ferrovial’s statement issued today and its statements issued on November 28th 2023 , January 16th 2024  and June 14th 2024, and by Ardian on November 29th 2023 and June 14th 2024.

•    Ardian becomes the largest shareholder of Heathrow Airport as transaction to acquire 22.6% stake completes
•    Ardian will support Heathrow to deliver sustainable growth

Ardian, a world-leading private investment house, today announces that it has completed the acquisition of a 22.6% stake in FGP Topco Ltd (TopCo), the holding company for Heathrow Airport Holdings Ltd, from Ferrovial SE and certain other TopCo shareholders (the Transaction). Concurrently, PIF has acquired 15% of TopCo from the same shareholders through a separate vehicle.

“We are extremely proud to become part of the Heathrow family. Heathrow is an iconic global infrastructure asset, and this transaction marks another milestone moment for Ardian. We are passionate about infrastructure and the role it plays enabling growth and supporting the transition to net zero. We intend to support the Heathrow management team as they work to achieve both goals, growing the airport sustainably over the years ahead.” Mathias Burghardt, Executive Vice-President and Head of Infrastructure, Ardian

“The UK is a priority market for Ardian, and this transaction builds on our 17-year track record of successful infrastructure investments in the country. Our investment in Europe’s leading airport and the UK’s international gateway will draw on Ardian’s expertise in aviation, including previous investments in London Luton Airport and stakes in six airports in Italy. And it is another example of how we are delivering Ardian’s strategy of investing in significant infrastructure in our core markets. We delighted to be part of Heathrow’s future and committed to helping it grow sustainably.” Juan Angoitia Grijalba, Co-Head of Infrastructure Europe and Senior Managing Director, Ardian

“Heathrow is a vital national asset connecting the UK to the world and driving prosperity in every corner of the country. We’re delighted to welcome Ardian and PIF as new shareholders and investors in Heathrow’s future. We have a Board of experienced infrastructure investors committed to our long-term development and growth, supporting our strategic journey to make Heathrow an extraordinary airport, fit for the future.” Lord Deighton, Chairman of Heathrow Airport Holdings LTD

“Our number one mission is to deliver economic growth in every part of the UK to improve living standards. Attracting investment to our shores supports that goal. That’s why this investment matters. It’s also a strong vote of confidence in the UK, and comes on top of the £63bn of investment secured from international investors earlier this year, showing Britain is back in business.” Rt Hon Rachel Reevs, Chancellor of the Exchequer

“This huge investment in Heathrow is a massive vote of confidence in our world leading aviation sector. Seeing global investors put billions in the UK economy shows we are an investment destination of choice. Our Plan for Change will aim to secure more fantastic investment like this to deliver long-term, stable growth that supports skilled jobs and raises living standards across the country.” Rt Hon Jonathan Reynolds, Secretary of State for Business and Trade

List of participants

  • Participants

    • Ardian team: Juan Angoitia Grijalba, Alexis Ballif, William Briggs, René Hauzeur, Philippe Tallon, Edouard Bertagna, Matthias Hübener, Aurea Alvarez
    • M&A: Bank of America, RBC, Goldman Sachs, Santander
    • Legal: Clifford Chance, DLA Piper
    • Financial Due Diligence: KPMG
    • Traffic Due Diligence: Infrata
    • Regulatory Due Diligence: NERA

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing our people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports. In the UK, Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During Ardian’s period of ownership, a significant redevelopment of the terminal, transport links and infrastructure was successfully completed in close cooperation with Luton Borough Council. In Italy, Ardian is an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media Contacts

Ardian

Liz Morley

liz.morley@5654.co.uk+44 (0) 7798683108

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Ontario Teachers’ Reaches Agreement to Sell Equity Stake in Connexa to CDPQ

Cdpq

Ontario Teachers’ Pension Plan (“Ontario Teachers’”) and CDPQ, a global investment group, today announced that CDPQ will acquire a co-controlling shareholding in Connexa, a leading designer, builder and operator of New Zealand’s most comprehensive mobile tower infrastructure network.

CDPQ is acquiring a 33% stake in Connexa from Ontario Teachers’ as well as Spark New Zealand’s (“Spark”) entire ~17% stake for CAD 745 million (NZ 909 million). Following the conclusion of the transaction, which is subject to New Zealand’s Overseas Investment Office approval and other regulatory filings, Connexa will be co-controlled by Ontario Teachers’ and CDPQ, with each investor holding a 50% stake. Completion is anticipated to occur in the first half of 2025.

Connexa was created in October 2022 when Ontario Teachers’ purchased a majority stake in the passive mobile telecom tower assets of Spark. Connexa subsequently acquired the tower assets of another local mobile network operator, giving it more than 2,400 towers in New Zealand. Under Ontario Teachers’ ownership, the business has grown to over 75 staff, delivered over 80 new sites, adopted innovative engineering solutions and deployed industry-leading digital tools. It has strengthened relationships with all its customers, secured significant new business, and recently acquired Clearspan — to become New Zealand’s largest owner of land under mobile towers.

Jan Brand, Managing Director, Infrastructure, Asia-Pacific at Ontario Teachers’, said: “We are pleased to bring in CDPQ, a likeminded and long-term-oriented investor, as our ownership partner in Connexa. CDPQ’s addition will help unlock additional capital to help us continue to grow the business and maintain its leading position in New Zealand’s mobile tower infrastructure network. We remain committed to Connexa and its strong team and are pleased to see that CDPQ shares our confidence in the business’s long-term prospects.”

Emmanuel Jaclot, Executive Vice President and Head of Infrastructure, at CDPQ said: “We are thrilled to join forces with Ontario Teachers’ to invest in Connexa, a premier mobile network platform with a critical role in facilitating digital connectivity for New Zealanders. This marks CDPQ’s inaugural infrastructure investment in the country and our third investment in mobile networks globally during the past five years. Together, we will bring international sector expertise and long-term capital to support Connexa in delivering its growth strategy.”

Bruce Crane, Executive Managing Director and Head of Asia-Pacific at Ontario Teachers’ added: “Our focus on core markets such as New Zealand is central to creating long-term value across our portfolio in Asia-Pacific. By strategically managing our assets and seeking partnerships with aligned investors, we aim to drive sustainable growth. This approach allows us to capitalize on opportunities in key sectors like infrastructure, positioning Ontario Teachers’ to generate alpha and maximize value for our members.”

Rob Berrill, CEO at Connexa, said: “We want to acknowledge Ontario Teachers’ and Spark’s considerable support over the last two years as Connexa was established and rapidly scaled to become New Zealand’s largest mobile tower infrastructure company. We look forward to continuing to work with Ontario Teachers’ and now also CDPQ as we execute our business strategy and enable a more connected digital future for all New Zealand.”

ABOUT ONTARIO TEACHERS’

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of CAD 255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.

Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT CONNEXA

Connexa is Aotearoa New Zealand’s largest specialist mobile tower infrastructure company, operating a nationwide portfolio of more than 2,400 mobile sites. Connexa has an ambitious committed mobile tower build programme to meet New Zealand’s growing demand for wireless digital connectivity. For more information, visit connexa.co.nz or follow us on LinkedIn.

– 30 –

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Apollo and Santander Partner on a $370 Million Infrastructure Portfolio Financing

Apollo logo

NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Santander today announced that Apollo-managed funds and affiliates have agreed to invest in an approximately $370 million portfolio of infrastructure credit. The transaction was led by Apterra, an affiliate of Apollo founded in 2023 that specializes in innovative financing solutions for infrastructure projects.

Apollo Partner and President of ACT Capital Samuel Feinstein said, “We are pleased to announce this transaction with Santander, which builds on our longstanding relationship and demonstrates the type of bespoke financing solutions that Apollo can provide to our banking partners and corporate clients. We have high conviction in the infrastructure finance opportunity globally given the large capital demands that will continue to drive investment in the sector and see continued opportunity to collaborate with Santander in the space.”

Marcel Patino, Global Head of Private Debt Mobilization at Santander said, “As we continue to execute on our strategy to proactively rotate assets and maximize profitability, we are pleased to partner with Apollo and Apterra on this portfolio transaction. We remain committed to private debt mobilization to generate additional capital for profitable growth as we continue to accelerate our business transformation efforts.”

Over the past five years, Apollo has deployed over $40 billion[i] into energy transition and climate-related investments and actively seeks to grow its platform as capital deployment in these areas of the global economy continues to scale. Across asset classes, Apollo targets deploying $50 billion in clean energy and climate investments through 2027 and sees the opportunity to deploy more than $100 billion by 2030.

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 September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About Santander
Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of the third quarter of 2024, Banco Santander had €1.3 trillion in total funds, 171 million customers, 8,100 branches and 208,000 employees. Santander Corporate & Investment Banking (Santander CIB) is Santander’s global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.

[i] As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.

Apollo 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

Santander:
comunicacion@gruposantander.com

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EQT and GIC to acquire majority stake in Calisen, a leading independent smart metering company in the UK

EQT and GIC to acquire a majority stake in Calisen

Calisen is a leading independent provider of smart meters and energy transition infrastructure in the UK, whose purpose is to accelerate the development of a cleaner, more efficient and sustainable energy sector

Long-term investment by EQT and GIC to support Calisen’s growth ambitions in the UK smart meter market and abroad, as well as expansion into adjacent sectors

The EQT Active Core Infrastructure fund (“EQT”) and GIC, a leading global investor, are pleased to announce an agreement to jointly acquire a majority stake in Calisen Group (“Calisen” or “the Company”) from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock, the Infrastructure business of Goldman Sachs Alternatives and Mubadala Investment Company. Equitix will remain a minority investor.

Headquartered in Manchester, Calisen is a leading independent owner and manager of essential energy infrastructure assets. The Company is a provider of smart meters, electric vehicle charging, solar and battery, and heat pump installation, meter reading, maintenance and ancillary services, whose purpose is to accelerate the development of a cleaner, more efficient and sustainable energy sector.

Operating under long-term contracts, Calisen has firmly established itself as a provider of choice in the UK thanks to its scale, operational excellence, and strong customer relationships. With an installed base of approximately 16 million meters, it is well-positioned to capitalize on market trends underpinned by the continued energy transition. The roll-out of smart meters is expected to continue to increase due to a supportive regulatory framework towards net zero as well as demand from energy suppliers and customers to support energy efficiency and the balancing of the electricity grid.

EQT and GIC will support Calisen’s long-term prospects by driving the continued rollout of its energy transition-related assets, including smart meters, heat pumps and renewable energy systems, both in the UK and abroad. It will also explore expanding into adjacent sectors, such as smart water metering.

Kunal Koya, Partner in EQT Active Core Infrastructure’s Advisory Team, said: “Calisen is an exciting investment opportunity, combining significant downside protection and cash flow visibility with tangible upside potential. Its critical role in the UK’s energy transition aligns perfectly with EQT’s commitment to investing in essential infrastructure that contributes to a more sustainable future. We look forward to partnering with management and GIC to embark on Calisen’s next phase of growth.”

Ang Eng Seng, Chief Investment Officer, Infrastructure, GIC remarked: “We are pleased to be investing in Calisen, a high-quality business with a strong market position and good sector tailwinds. Through its integrated business model, Calisen owns, installs, reads and maintains the meters throughout their useful life. With its steady cash flows and long-term contracts, we are confident in Calisen’s growth potential as a core infrastructure investment.”

George Kay, Head of Infrastructure, Europe at GIC, commented: “Smart meters have a crucial role to play in the energy transition. Whilst they are installed at the consumer’s home, they create value across the supply chain. Consumers can track their consumption and potentially lower their bills through access to different tariffs, while suppliers and grid operators can save costs. Our investment will support the roll out of meters across the UK and we look forward to working with management, EQT and Equitix to grow the business for the long term.”

Sean Latus, CEO of Calisen, said: “I am delighted to welcome EQT and GIC as new long-term majority owners of the business alongside our continuing investor. Calisen plays an active role in the decarbonisation of the UK economy, a position we intend to strengthen with the support of all of our shareholders. EQT and GIC’s experience in the energy sector will be invaluable as we look to leverage our scale and customer relationships to significantly expand our smart meter portfolio and replicate our success in adjacent areas.”

The transaction is subject to the satisfaction of certain conditions including regulatory approvals.

Contact
EQT Press Office, press@eqtpartners.com
GIC, Samantha Chiene, SamanthaChiene@gic.com.sg

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Ardian completes the acquisition of Tim’s remaining 10% stake in Daphne 3, taking full ownership of 30.8% in INWIT, and confirming its position as a long-term investor and strategic partner for the company

Ardian

Ardian, a world-leading private investment house, today announces the completion of the acquisition, through Impulse I (an Ardian-led entity), of the remaining 10% stake in Daphne 3 held by TIM. The acquisition provides Impulse I with full ownership of the 30.8% stake in INWIT, the leading tower operator in Italy.

Since its initial investment in 2020, Impulse I has invested more than €2.7bn in INWIT, becoming the company’s second-largest shareholder. This transaction further strengthens Ardian’s position as a long-term investor and strategic partner.

INWIT plays a critical role in the country’s digitalization efforts by providing essential infrastructure for the development of modern telecom networks, including 5G. The company’s telecommunications towers are pivotal for Italy’s digital evolution, offering sustainable, cutting-edge solutions to meet the growing demand for high-quality network services.

As part of the transaction, the shareholders’ agreement between TIM and the Impulse I has been terminated. The transaction implies a valuation of EUR 10.43 per INWIT share.

Following the cancellation of INWIT shares completed on November 15th, 2024, on the date hereof Daphne 3 holds a stake approximately equal to 30.8% of INWIT’s share capital.

“This transaction represents an important milestone in our long-term partnership with INWIT, and we are excited to play a key role in the next phase of its development. We believe in the company’s growth potentials, working closely with INWIT’s management and strategic commercial partners (including TIM) to capitalize on both organic opportunities and strategic acquisitions. Our shared vision for driving Italy’s digital transformation, particularly through the expansion of 5G networks and the modernization of telecom infrastructure, positions us well to support INWIT’s continued success as a leader in the European telecom infrastructure sector”. Rosario Mazza, Senior Managing Director and Head of Infrastructure Italy, Ardian

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.

At Ardian we invest all of ourselves in building companies that last.

ardian.com

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Ardian

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ardian@headlandconsultancy.com

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Aliter backs acquisition of secure mobile communications provider

Deal supports scale-up of a leading national provider of Network and ICT managed services to Critical National Infrastructure

 

Aliter has provided further capital to complete the acquisition of Serbus Limited (Serbus) to join the Group platform alongside ITM Communications and Bates IT.

 

Established in 2010, Serbus is recognised as a leader in the provision of best-of breed secure mobile communications, offering top level security, threat protection and compliance, to ensure day to day operations remain productive and uninterrupted, wherever its customers’ employees are working in the world. This includes high-profile government and military environments, as well as within multinational corporations, where protection of employees and intellectual property is key.

 

Serbus currently supports customers across the UK’s Critical National Infrastructure (CNI), working closely with the Ministry of Defence (MOD) and a range of UK Government departments.

 

Based in Hereford in the West Midlands, Serbus now becomes part of the evolving Group in Aliter’s portfolio that currently includes ITM Communications, a leading UK provider of critical network and ICT infrastructure services and Bates IT, the specialist healthcare ICT provider.

Simon Fieldhouse, Group CEO, said, “This deal broadens the group’s existing credentials in supporting Critical National Infrastructure and the defence sector, adding enhanced capabilities and value to our existing customers. It also enables us to advance the launch of a stand-alone dedicated defence practice within the group. The extension of our services portfolio to include secure NCSC approved communications products and solutions provides a tremendous opportunity to extend our security pedigree and broaden our managed services footprint across existing customers in healthcare & UK Gov, whilst expanding into adjacent CNI verticals, such as emergency services, utilities, energy and datacentres.”

 

Serbus’s founders and directors, Sebastian Wiles and Russell Ticehurst, have a UK Special Forces background. Both are remaining with the business and will now work closely with Fieldhouse to drive further growth organically, whilst continuing to pursue a buy and build strategy.

 

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Equistone portfolio company BUKO Traffic & Safety continues UK expansion with acquisition of Hooke Highways

Equistone

BUKO Traffic & Safety (“BUKO”), a leading provider of outsourced traffic and safety management solutions in the Netherlands, the UK and Germany, has acquired Hooke Holdings Limited, parent of operating subsidiary and brand Hooke Highways (“Hooke Highways”), one of the largest providers of traffic management in the South of England. Following BUKO’s acquisition of Scunthorpe-headquartered Road Traffic Solutions (“RTS”) earlier this year, the acquisition of Hooke Highways builds on the company’s growing presence in the UK market.

Headquartered in Barendrecht, the Netherlands, BUKO Traffic & Safety employs over 700 people and successfully oversees thousands of projects annually. A leading provider of outsourced traffic and safety management solutions in its home market of the Netherlands, the company consists of the two business units BUKO Infrasupport and BUKO Waakt. Founded in 1991, BUKO Infrasupport specialises in temporary traffic management solutions. With its comprehensive portfolio of services – from design, planning, approval, deployment and collection, as well as onsite management of road signage, safety equipment required for roadworks and an innovative range of digital traffic management solutions – BUKO Infrasupport primarily serves contractors and public authorities, active in utility-related and urban/rural roadworks. BUKO Waakt provides temporary remote security solutions with a focus on camera surveillance, intrusion detection systems and access control systems, which are used principally on construction sites.

Since funds advised by Equistone acquired a majority stake in BUKO in February 2023, the company has pursued a growth strategy focused on building its presence in its home market and targeted expansion into neighbouring countries supported by strong market dynamics. In March 2024, BUKO established a foothold in the attractive UK market by acquiring RTS, a temporary traffic and event management solutions specialist operating from seven locations and employing 175 people. With the acquisition of Hooke Highways, BUKO strengthens its position in this key growth market. In October 2024, BUKO also expanded into the German market for the first time with the acquisition of BVT Bremer Verkehrstechnik.

Hooke Highways provides high-quality temporary traffic management services to a diverse customer base. Headquartered in Lower Weare, Somerset, the business operates from six locations in the South of England. The company is being acquired from the Managing Director and major shareholder Michael Montague, who will continue to lead the company’s operations post transaction, and Panoramic Growth Equity (“PGE”), an equity and debt investor which invested into Hooke Highways in 2020. Under Michael and PGE’s ownership, Hooke Highways has achieved strong growth in recent years, driven by new customer wins and consolidation of its existing customer base. The company has 140 employees.

“We are excited to partner with Hooke Highways and strengthen our foothold in the attractive UK market. There is strong synergy between RTS and Hooke Highways in terms of geographic presence, culture and ambitions for the future,” says Robert Emmerich, CEO at BUKO. “Together, we’re committed to deliver an even stronger and versatile service to our customers and expanding our impact across the UK in the years to come,” says Robert Emmerich, CEO at BUKO.

“After successfully entering the UK earlier this year, Hooke Highways represents an important next step towards expanding BUKO’s presence in the UK and realising its ambitions of becoming a leading player in the market,” says Hubert van Wolfswinkel, Partner in Equistone’s Amsterdam office.

The Equistone team includes Hubert van Wolfswinkel, Tanja Berg and Josh Aalbers. BUKO was advised on the transaction by PwC (Financial & Tax) and Ashfords (Legal).

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