Apollo Global Management Inc. booked a $1.6 billion gain for its 2013 buyout fund by selling its majority stake in rural hospital chain LifePoint Health to another Apollo fund.
The firm’s eighth flagship fund completed the sale to its ninth last month for $2.6 billion, after investing a total of $975 million in Brentwood, Tennessee-based LifePoint, according to a quarterly report obtained by Bloomberg. Other investors put up some of the money.
LifePoint was among several private equity-backed health-care firms that received government relief last year amid mounting costs from the pandemic, drawing criticism from lawmakers who said the cash should have come from investors, not taxpayers. The hospital chain was one of the biggest beneficiaries, with a $1.64 billion lifeline that included almost $650 million in grants and $991 million in loans.
Read more/Source: BNN Bloomberg
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