TEGNA in its $8.6 billion all-cash acquisition by Standard General

On February 22, 2022, TEGNA Inc. and Standard General L.P. announced that TEGNA and an affiliate of Standard General have entered into a definitive agreement under which TEGNA will be acquired by the Standard General affiliate for $24.00 per share in cash.  Affiliates of Apollo Global Management will hold securities in the acquiror that will be non-voting and non-attributable and with other investors holding non-voting interests.  The transaction has an equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt.  Wachtell, Lipton, Rosen & Katz served as legal advisor to TEGNA.