Mar 7, 2019

Apollo Global Management to buy Direct ChassisLink for $2.5 billion

Photo: Sasin Tipchai via Getty Images

Apollo Global Management agreed to buy Direct ChassisLink, a Charlotte, North Carolina-based chassis rental and leasing company, for a reported $2.5 billion (including debt), from EQT Partners.

Why it matters: Direct ChassisLink is the largest such business in the U.S., with over 226,000 chassis and 450 locations. Plus, the deal is yet another example of Apollo being the private equity market's most aggressive firm so far in 2019. Per Reuters' Harry Brumpton: "The deal represents a bet by Apollo on Direct ChassisLink's dominant position in the transfer of shipping containers between ports and hubs for transport by rail or truck."

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Situational awareness

Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.