UBS to reopen Credit Suisse-Apollo Global Management M&A deal - reports
UBS executives are concerned with the fees Credit Suisse agreed to pay to Apollo Global Management.
The sale was announced in November 2022, a few months before the bank's collapse and takeover rescue by UBS.
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According to reports by Bloomberg, UBS was not happy with the terms agreed by Credit Suisse with Apollo Global Management. More specifically, people familiar with the matter told the news wire executives were particularly concerned about the fees Credit Suisse agreed to pay to Apollo to manage the assets that remained on its books.
There is a possibility UBS may try to renegotiate those terms, the peoples said, although no decisions have yet been made.
Under the deal, Credit Suisse agreed to sell its SPG business, with Apollo taking over a large part of the assets. Credit Suisse then was supposed to provide financing for a part of the remaining assets and retain about $20bn of them, which Apollo agreed to manage for a fee.
UBS declined to comment and Apollo GM has been contacted for comment.
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