Apollo/Spacs: Beware of the exit

Apollo is trying a different sort of exit. The buyout firm run by Leon Black is selling 65% of the do-it-all car electronic gadget maker Hughes Telematics to Polaris, a special purpose acquisition company. The deal makes sense for Apollo. It has owned the company for over a decade and it’s not obvious how else it can exit the investment. But the case isn’t so obvious for investors set to stay on as owners of Hughes. Hughes’ only revenue is from a small company it acquired last year. It has exclu...