Non-public fairness large Apollo World Administration introduced that it has supplied an infusion of $700 million in capital Sony Music Group.
Apollo didn’t present any particulars on the phrases of the deal, or what Sony intends to make use of the raised capital for past “investments within the music trade.”
“We’re happy to supply a bespoke capital answer to an affiliate of one of many world’s main firms. This funding permits our shoppers to spend money on excessive grade securities whereas serving to Sony to execute its enterprise plans,” mentioned Apollo Accomplice Jamshid Ehsani.
The information of the Sony funding comes after Apollo backed Harmony’s unsuccessful bid to accumulate Merck Mercuriadis’s Hipgnosis Songs Fund earlier this yr.