Apollo Management Closes $250 Million Deal
Contact:
(Washington, D.C.) - New York private equity investment firm Apollo Management LP has purchased $250 million of preferred stock in Kansas City, Missouri-based AMC Entertainment Inc. (AMEX: AEN), one of the world’s leading theatrical exhibition companies. The investment will give Apollo a 60 percent stake in AMC.
Under the terms of the deal, Apollo purchased $92 million of Series A Convertible Preferred Stock and $158 million of Series B Exchangeable Preferred Stock in AMC. AMC will use the proceeds to pay down some of its long-term debt.
Since its inception in 1990, Apollo Management has invested more than $8 billion of capital in more than 150 companies in a broad range of industries and a variety of transactions. AMC Entertainment Inc. is a leader in the theatrical exhibition industry, operating 181 theatres with 2,784 screens in the United States, Canada, France, Hong Kong, Japan, Portugal, Spain and Sweden.
Akin Gump Strauss Hauer & Feld represented Apollo in the deal. Skadden, Arps, Slate, Meagher & Flom LLP of New York represented AMC in the transaction.
Founded in 1945, Akin, Gump, Strauss, Hauer & Feld, L.L.P., a leading international law firm, numbers more than 1050 lawyers with offices in Austin, Brussels, Dallas, Denver, Houston, London, Los Angeles, Moscow, New York, Northern Virginia, Philadelphia, Riyadh (affiliate), San Antonio and Washington. The firm has a diversified practice and represents regional, national and international clients in a wide range of areas, including antitrust; banking and financial institutions; capital markets; communications; corporate and securities; employee benefits; energy; entertainment; environment, land use and project development; estate planning, wealth transfer and probate; financial restructuring; government contracts; health; insurance; intellectual property; international; investment management; labor and employment; litigation; mergers and acquisitions; privatization; project finance; public law and policy; real estate and finance; taxation; and technology. For additional information, please visit our Web site at http://www.akingump.com.