Akin Gump Strauss Hauer & Feld LLP represented Apollo Global Management, LLC and Apollo portfolio company SourceHOV, in a merger agreement with an affiliate of Citi Venture Capital International. As a result of the merger, Apollo’s ownership will be converted into the right to receive cash, and its co-investor, HOVS LLC, an affiliate of India-based HOV Services Limited, will roll its equity holdings. Other holders will be entitled to elect to receive cash or stock. Terms of the deal were not disclosed.
Akin Gump represented Apollo in its acquisition of SourceCorp., Inc. in 2006. SourceCorp. was then combined with HOV Services, LLC, an affiliate of HOV Services Limited, in 2011 to form SourceHOV.
SourceHOV is one of the largest providers of outsourcing solutions, with approximately $525 million in revenue. It serves customers in more than half of the Fortune 100.
The Akin Gump team representing Apollo was led by corporate partner Adam Weinstein and corporate counsel Steve Kahn.
