US asset management firm Apollo and UBS finalize Atlas SP spin-off

DPA
·1 min read
A view of the Swiss banking UBS Group AG logo on the bank's headquarters in downtown Frankfurt. The banking giant and Apollo Global Management Inc of the United States announced on 27 March that they have entered into an agreement to finalize the spin-off of investment firm Atlas SP. Sebastian Gollnow/dpa
A view of the Swiss banking UBS Group AG logo on the bank's headquarters in downtown Frankfurt. The banking giant and Apollo Global Management Inc of the United States announced on 27 March that they have entered into an agreement to finalize the spin-off of investment firm Atlas SP. Sebastian Gollnow/dpa

Swiss banking giant UBS Group AG and Apollo Global Management Inc of the United States announced on Wednesday that they have entered into an agreement to finalize the spin-off of investment firm Atlas SP.

This is the final step in carve-out of former Credit Suisse Securitized Products business, Atlas SP in which UBS will close out an investment management agreement with Atlas.

As part of the deal, Apollo will purchase $8 billion of senior secured financing facilities from UBS.

UBS Group expects to recognize a net gain in the first quarter of around $0.3 billion from the conclusion of these agreements and the assignment of the senior secured financing facilities.

Credit Suisse AG is expected to recognize a net loss of around $0.9 billion.