Apollo – Acquisition of Smart & Final Stores

Apollo Global Management is set to own Smart & Final once again after buying the food retailer in a $1.1bn deal. The LA-headquartered business operates 324 stores across the US under its Smart & Final and Smart Foodservice Brands. Shareholders will receive $6.50 per share in cash under the deal, which represents a 25 per cent premium on Smart & Final’s average closing share since March 13, when details of the deal emerged. Apollo previously backed the back the company in 2007 in a deal that valued the company at $813m.