(Updates with AUM details in second paragraph, share price in sixth.)
July 8 (Bloomberg) -- Apollo Global Management LLC, Leon Black’s private-equity firm, agreed to buy Gulf Stream Asset Management, a Charlotte, North Carolina-based manager of corporate-credit assets. Terms weren’t disclosed.
The deal will increase assets under management in Apollo’s capital-markets business by more than $3 billion to about $27 billion, New York-based Apollo said today in a statement. The sale is expected to be completed in the third quarter.
“We believe this transaction further solidifies our position as one of the largest loan managers in the world,” James Zelter, managing director of Apollo’s capital-markets business, said in the statement.
Apollo, which raised $565.4 million in an initial public offering in March, is seeking to expand beyond leveraged buyouts. The firm, which had assets of $70 billion as of March 31, is the final bidder for Dusseldorf-based WestLB AG’s real- estate finance unit, two people with knowledge of the process said last month.
Mark Mahoney, president and founder of Gulf Stream, will join Apollo as a partner, according to the statement.
Apollo shares rose 23 cents, or 1.36 percent, to $17.10 at 9:56 a.m. in New York Stock Exchange composite trading. The stock has fallen 10 percent since the March 29 IPO.
--With assistance from Brad Skillman in New York. Editors: Steven Crabill, Larry Edelman
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