Apollo Global Management, LLC (NYSE: APO) shares are trading higher after the company announced it intends to complete its previously announced conversion from a publicly traded partnership to a corporation effective Sept. 5.
The Apollo Operating Group units are worth approximately $600 million based on recent trading prices are expected to be exchanged into an equal amount of Class A shares.
"We look forward to completing Apollo's conversion to a corporation, which we believe will simplify our firm's structure and enable a much broader set of shareholders to participate in the long-term growth and profitability that we have been delivering to our investors," said Apollo Global Management co-founder Leon Black.
"I am also very pleased that Josh, Marc and I, and several other senior executives at the firm, are exchanging a portion of our units into Apollo's Class A shares to facilitate charitable giving. This reflects our strong commitment to supporting a wide range of meaningful philanthropic effort."
Apollo shares are trading up 7% at $34.24. The stock has a 52-week high of $36.49 and a 52-week low of $22.63.
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