Apollo Finalizes Atlas Transition In Partnership With UBS - Quick Facts

(RTTNews) - UBS Group AG and Apollo have entered into an agreement pursuant to which ATLAS SP has concluded its Transition Services Agreement with UBS. This is the final step in carve-out of former Credit Suisse Securitized Products business, Atlas SP. UBS will close out Investment Management Agreement with Atlas. Also, Apollo will purchase $8 billion of senior secured financing facilities from UBS.

UBS Group expects to recognize a net gain in the first quarter of around $0.3 billion from the conclusion of these agreements and the assignment of the senior secured financing facilities. Credit Suisse AG is expected to recognize a net loss of around $0.9 billion.