Apollo Global Management to Acquire Stone Tower Capital; Terms Not Disclosed

Apollo Global Management, LLC APO and its subsidiaries today announced that it has agreed to merge Stone Tower Capital LLC and its related management companies, a leading alternative credit manager with approximately $17 billion of assets under management , into Apollo's capital markets business. The transaction will substantially increase Apollo's capital markets AUM to approximately $39 billion1, making capital markets Apollo's largest business segment upon closing on an AUM basis. Total AUM for Apollo will increase to approximately $82 billion after giving effect to the transaction. Terms of the transaction were not disclosed. Subject to certain conditions, the transaction is expected to close by the end of the first quarter of 2012.