Apollo Global Management, a New York City-based private equity firm, made a $1.6 billion gain by selling its stake in Brentwood, Tenn.-based LifePoint Health to itself, Bloomberg reported July 29.
Apollo Global completed the sale of LifePoint to a different Apollo fund, Fund IX, in June. The PE firm sold LifePoint for $2.6 billion, after it invested about $975 million in the rural hospital chain. Fund IX, a $24.7 billion fund, agreed to buy LifePoint in April of this year and advisory boards from both funds approved the deal. Read more.
