Apollo announced that, on behalf of its affiliated and third-party insurance clients and other investors, it has agreed to invest $2.0 billion in preferred equity securities to be issued by AT&T Mobility II LLC, a subsidiary of AT&T.
AT&T Mobility II LLC will use the proceeds from the investment to partially replace the $8 billion of preferred interests that were outstanding prior to the fourth quarter of 2022.
The investment, expected to be completed in June 2023, allows Apollo’s insurance and institutional clients to access investment-grade rated securities in one of the nation’s leading wireless businesses.
