Leon Black
Apollo Global Management LLC Chief Executive Leon Black on Wednesday downplayed the possibility that his private equity firm would follow peer Ares Management LP in converting from a publicly listed partnership into a corporation.
Ares’ decision last month to become a so-called C-Corp has been monitored closely by rivals such as Apollo, Blackstone Group LP and KKR & Co LP, which are looking to see whether the higher tax burden associated with the switch will be offset by the ability of more investors to buy the stock.
Ares shares jumped as much as 13.9 percent in February when it announced its intention to convert into a C-Corp, but the stock has since given up these gains.
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