Apollo Global Management LLC’s 2007 deal to take Realogy private, which looked like a big gamble during the downturn, turned out to be a good bet.
Apollo, which invested a total of $1.34 billion in Realogy after engineering an $8.3 billion leveraged buyout of the company, will walk away with a total of $2.4 billion in proceeds after selling the rest of its 17 percent stake in the real estate franchise and brokerage giant, Bloomberg reports.
After Realogy Holdings Corp.’s October initial public offering, Apollo sold about $1.2 billion in Realogy shares in an April stock offering. Apollo will net a similar sum in today’s secondary offering of 25.1 million shares at $47.57 per share, Bloomberg said, citing a regulatory filing. Source: bloomberg.com.