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Yahoo - David Sambur (Apollo Global Management), (S2, EP.05)
Private Equity Deals with Capital Allocators
The Creative Structuring of the Yahoo Deal
The deal involved buying Yahoo for a reasonable price and structuring it creatively/nVerizon provided subordinated debt financing and rolled over into equity to align interests/nThe deal included a plan to sell non-core assets and de-risk equity/nYahoo Japan trademark was sold for a billion sex and other assets such as domain names, IP addresses, real estate, and data centers were also sold/nWithin the first year of owning the deal, almost all of the equity was returned, making the investment essentially free/nThe success of the deal highlights the importance of creative structuring and strategic asset management in investments
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