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Apollo Global Management, Inc. (NYSE:APO) shares are trading higher today. The company entered into a definitive agreement to acquire The Travel Corporation (TTC) for an undisclosed amount.
The transaction includes 18 leading brands, such as Trafalgar, Uniworld Boutique River Cruises, Contiki, Insight Vacations, and other global travel brands and supporting business entities. TTC has been privately owned and operated for more than a century.
The transaction, expected to close in the fourth quarter of 2024, is subject to regulatory approvals and other conditions. Notably, The Red Carnation Hotel Collection is not included in the sale.
Apollo Private Equity Partner Michele Raba stated, “TTC has a leading collection of brands that we believe we can take to the next level as an Apollo Funds portfolio company, leveraging our extensive experience in the travel, tech and hospitality sectors.”
Last week, the company’s aviation lending platform, PK AirFinance, closed its first aircraft loan asset-backed securitization, PK ALIFT LOAN FUNDING 3 Series 2024-1.
Investors can gain exposure to the stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO) and WBI BullBear Quality 3000 ETF (NYSE:WBIL).
Price Action: APO shares are up 0.73% at $123.40 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image credit: Unsplash/ GeoJango Maps
