Apollo Global to invest $500 million in IPO-bound Cumberland Farms
APO•Cumberland Farms prepares for New York listing
The move comes as Cumberland Farms is preparing to list in New York, having unveiled its U.S. initial public offering paperwork in July. The firm is yet to pull the trigger on the IPO roadshow launch.
Owned by EG Group and backed by buyout firm TDR Capital, Cumberland Farms operates more than 3,200 convenience stores and fuel stations across the U.S. and Europe.
Apollo agrees to buy convertible preferred shares
Sept. 4 (Reuters) - Asset manager Apollo Global Management has agreed to buy $500 million of convertible preferred shares in IPO-bound convenience store retailer Cumberland Farms in a private placement, according to a regulatory filing on Friday.
The convertible preferred shares can be converted into ordinary shares at a price equal to 115% of the initial public offering price, according to the filing.
