Apollo plans to sell Affinion – NY Post

Oct 14 (BestGrowthStock) – U.S. private equity firm Apollo
Management [APOLO.UL] is planning to sell marketing firm
Affinion Group in a deal it hopes to fetch $3 billion, the New
York Post reported.

Apollo could end up making about $1.3 billion after Affinion
pays off other creditors, a source told the Post.

Stamford, Connecticut-based Affinion, which helps firms
market products, filed for an initial public offering for up to
$400 million. [ID:SGE64K0II]

Apollo has hired Deutsche Bank to find a buyer, while the
suitors are mostly rival private equity firms, sources told the
Post.

Apollo bought Affinion in a $1.8 billion leveraged buyout in
2005. Since then, Apollo has taken enough dividends out of the
company to cover its down payment of $300 million, the Post
said.

Apollo could not be reached for comment.
(Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)

Apollo plans to sell Affinion – NY Post