UBS executives are considering renegotiating the sale of Credit Suisse's SPG to Apollo due to fees. Apollo Global Management stock hits a 52-week high. The article discusses the progress of negotiations between UBS and Apollo.
UBS AG executives are reportedly considering renegotiating the sale of Credit Suisse’s securitized products unit (SPG) to Apollo Global Management Inc. This decision comes in part due to the fees that Credit Suisse agreed to pay Apollo. According to Bloomberg, sources familiar with the matter have revealed that Apollo would need to be open to re-opening deal talks because Credit Suisse signed the deal before UBS acquired its distressed fellow Swiss bank earlier this year.
UBS aims to re-negotiate some of the fees that Credit Suisse is committed to paying Apollo in order to handle assets on its books. However, both UBS and Apollo spokespeople declined to comment on the matter.
In a separate development, Apollo Global Management stock hit a 52-week high of $88.86 a share during trading on Tuesday. There is speculation that the company might join the S&P 500 after Blackstone Inc.
It will be interesting to see how the negotiations progress and what changes will be made to the deal between UBS and Apollo.
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