$15B Merger Deal Between Apollo, Vista Called Off

A US$15 billion SPAC deal involving Apollo Global Management and Vista Equity Partners has collapsed, as first reported by Bloomberg.

Vista Equity Partners’ negotiations to merge three of its companies with acquisition firm Apollo Strategic Growth Capital in a US$15 billion transaction have been halted, according to people familiar with the matter who asked not to be named because the information isn’t public. It isn’t clear when or if talks will be revived.

The talks centered on a merger featuring Vista’s Solera Holdings, DealerSocket, and Omnitracs. Westlake-based Solera and Irving-based DealerSocket are automotive technology companies. Dallas-based Omnitracs is a fleet management software company.

The halt comes after the Nasdaq Composite Index of more than 3,000 tech-related stocks has fallen 4% since February 12 and posted three weekly declines in that span. It’s still up 4.9% this year.

Amid a boom in issuance involving new SPACs and private investments in public equity, or PIPEs, some recent SPAC mergers have met a tepid response from investors. Cerberus Telecom Acquisition and Motion Acquisition closed Wednesday, March 17, below the traditional SPAC IPO price of US$10, after announcing mergers last week.

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