Apollo (NYSE: APO) announced that Apollo-managed funds and affiliates have provided a US$1.25 billion equity capital solution to support the recently completed combination of BMG and Concord, bringing together two highly complementary businesses spanning music publishing, recorded music, theatrical rights, and digital distribution. Under the terms of the transaction, Apollo acquired a noncontrolling interest in a subsidiary of BMG, which holds the legacy Concord ABS, backed by a catalog of over 1 million songs. Apollo’s equity investment enables BMG to repay certain outstanding ABS liabilities.
Latham & Watkins LLP represents Apollo in the transaction with a corporate team led by New York partners Justin Rosenberg, Julian Azran, and Gary Boss, with associate Abigail Keyes. Advice was also provided on tax matters by New York partner Bora Bozkurt, with associate Michael Yu; on private equity finance matters by Washington, D.C. partner Melissa Fabian, with associate Drew Weisberg; and on structured finance matters by New York partner Graeme Smyth.
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