Company: APO
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119946
Chunk: 128

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-14
Form: 424B3
Chunk 128
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9E three-year average PRE (based on the December Baseline Projections and reflecting the SBC Tax Benefit). The NPVs of Bridge’s FCF and Terminal Values were then calculated using discount rates ranging from 12.0% – 15.0%. The discount rates were based on an estimate of Bridge’s cost of equity, which was estimated based on a capital asset pricing model analysis.

| 2 | After-tax levered free cash flows were calculated based on the December                                                                                                                                                         
 Baseline Projections by (i) taking (a) Distributable Earnings attributable to Bridge LLC (pre-tax) less (b) stock-based compensation (as provided in Bridge’s internal financial model)                                         
 less (c) depreciation and amortization (as provided in Bridge’s internal financial model), (ii) multiplying the value calculated in (i) by an assumed tax rate of 25% at the direction of the special committee (the product of 
 (i) and (ii), the “Calculated Tax”), and (iii) reducing Distributable Earnings attributable to Bridge LLC (pre-tax) by the Calculated Tax.                                                                                      |

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Lazard then calculated a range of implied equity values per share of Bridge Class A common stock by adding (i) the NPV of the FCF, plus(ii) the Value of the TRA Tax Savings, plus(iii) other assets and other investments on Bridge’s September 30, 2024 balance sheet, valued at 0.95x NAV, plus(iv) the Terminal Value. The discounted cash flow analysis indicated an implied equity value per share reference range of $8.73 – $10.93, as compared to (i) the closing price per share of Bridge Class A common stock of $8.07 as of February 20, 2025 and (ii) the implied merger consideration of $11.50 per share of Bridge Class A common stock. Other Factors Lazard noted for the special committee certain additional factors solely for reference and informational purposes, including the following: Precedent Transaction Analysis Lazard reviewed and, to the extent publicly available, compared the purchase prices and financial multiples paid in selected precedent transactions with deal values of $500 million and above since 2017 involving publicly traded U.S. alternative asset managers. The price per distributable earnings, or P/DE, in the next unreported fiscal year for each transaction resulted in financial multiples ranging from 7.3x – 14.2x. Lazard selected a range of