Apollo-backed tech services company Intrado sells Safety unit to Stonepeak

by user


Stonepeak said Friday it agreed to pay $2.4 billion for the Safety unit of Intrado Corp., a technology enabled services company backed by Apollo Global Management Inc.
APO,
-3.89%
.
The Safety unit specializes in 911 public emergency telecommunications services. Intrado will retain Workflows, which is part of its Life & Safety segment. Stonepeak senior managing director James Wyper said Intrado’s Safety business “represents an attractive opportunity to invest behind critical telecommunications infrastructure that underpins access to 911, a public good in the U.S.,” according to a statement. RBC Capital Markets acted as lead financial adviser to Intrado on the transaction, which is expected to close in the first quarter of 2023. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal adviser to Intrado, while Simpson Thacher & Bartlett advised Stonepeak. Shares of Apollo Global Management are down 24.3% in 2022, compared to a 19.3% drop by the S&P 500
SPX,
-1.10%
.



Source link

Related Posts

Leave a Review

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy