Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 440

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 440
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., a Delaware corporation (the “Company”), with
the Company surviving such merger as the surviving corporation (the “Corporate Merger”). Pursuant to the Agreement and Plan of Merger (the “Agreement”), among the Company, Bridge Investment Group Holdings LLC (“OpCo”),
Apollo Global Management, Inc., a Delaware corporation (the “Acquiror”), Acquisition Subsidiary, Aspen Second Merger Sub, LLC, a Delaware limited liability company (“Acquisition Subsidiary 2”) and, solely for purposes of
Section 6.16 of the Agreement, Adam O’Farrell as the OpCo Representative, (i) the Company, as a result of the Corporate Merger, will become a wholly-owned subsidiary of the Acquiror, and each outstanding share of Class A common
stock, par value $0.01 per share (the “Class A Company Common Stock”), other than shares of Class A Company Common Stock held in treasury or owned by the Acquiror and its affiliates, will be converted into the right to
receive 0.07081 shares (the “Exchange Ratio”) of the Acquiror’s Class A common stock, par value $0.00001 per share (the “Acquiror Common Stock”) and (ii) OpCo will become a wholly-owned subsidiary of the Acquiror,
and each OpCo Class A Common Unit (as defined in the Agreement) issued and outstanding immediately prior to the merger of Acquisition Subsidiary 2 with and into OpCo with OpCo surviving such merger (excluding any cancelled or excluded units)
(the “LLC Merger”, together with the Corporate Merger, the “Transactions”) shall be automatically converted into the right to receive Acquiror Common Stock equal to the Exchange Ratio.

In connection with preparing our opinion, we have (i) reviewed a draft dated February 23, 2025 of the Agreement; (ii) reviewed certain publicly
available business and financial information concerning the Company and the Acquiror and the industries in which they operate; (iii) compared the financial and operating performance of the Company and the Acquiror with publicly available
information concerning certain other companies we deemed relevant and reviewed the current and historical market prices of the Class A Company Common Stock and the Acquiror Common Stock and certain other publicly traded securities;
(iv) reviewed certain internal financial analyses and forecasts prepared by and at the direction of the management of the Company relating to its business; (v) performed a sum-of-the- parts