By Isaac Arnsdorf (Bloomberg) –- Just as rival buyout titans Henry Kravis and David Rubenstein were starting to get burned by falling oil prices, Leon Black hit a gusher. His Apollo Global Management LLC managed a 600 percent profit on the September sale of a Texas oil company as prices had begun their steepest slide since 2008. The $7.1 billion sale of Apollo-backed Athlon Energy Inc. to Calgary-based Encana Corp. signaled the end of an era in the same way Sam Zell’s sale of 540 office buildings to Blackstone Group LP in 2007, just before the property market took a nosedive, and the merger of AOL Inc. and Time Warner Inc. in 2000, weeks ahead of the dot-com bust, marked theirs. The outlook...
↧