Apollo Global Management (APO.N) has halted plans to sell U.S. military security services business Constellis after talks with Canada’s Garda World Security Corp[GWSC.UL] broke down, according to people familiar with the matter.
The New York-based private equity firm bought Constellis, founded in 1997 as Blackwater, for about $1 billion in 2016 and had been pursuing a so-called dual track sale process looking at an outright sale or an initial public offering (IPO), sources said this week, asking not to be named because the matter is private.
A representative for Apollo declined to comment. Garda and Constellis did not respond to requests for comment.
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