New York-based Stone Tower, founded in 2001, is an alternative credit manager with $17bn of assets under management (AUM).
Apollo Global said the transaction will substantially increase its capital markets AUM to $39bn and total AUM will increase to $82bn.
As part of the transaction, Michael Levitt, chairman and CEO of Stone Tower, will be joining Apollo under a long-term employment agreement as vice chairman of Apollo Credit Management.
Apollo Global chairman and CEO Leon Black said that this transaction leverages Apollo’s existing capabilities and further enhances our significant scale and diversity as a leading global credit manager.
Terms of the transaction were not disclosed.
The transaction, which is subject to certain conditions, is expected to close by the end of the first quarter of 2012.
