Apollo secures a clean exit to sell its 22% stake in Applus to I Squared and TDR while the company eyes further divestmentsExecutive summary: Apollo Global Management obtains an unrestricted right to sell its 22% stake in Applus to I Squared and TDR, concluding a two‑year dispute over control of the Spanish company. The transaction removes a major shareholder pressure point and may influence Applus’s strategic direction, affecting market confidence and potential further divestitures. Apollo Global Management, I Squared, TDR, Applus, and the involved hedge funds Negotiations to finalize the sale, possible divestment of Applus’s ITV unit, and regulatory review by Spanish authoritiesApollo Global Management has obtained an unrestricted pathway to divest its 22% holding in Applus to investors I Squared and TDR, ending a two‑year contest over control of the Spanish firm without compensating opposing hedge funds. A formal agreement has not yet been sealed, but Applus is reportedly considering the sale of its ITV business unit. The development signals a shift in bargaining power toward the buyer amid ongoing corporate restructuring.Open the full case file on Beyond →
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