Apollo is no longer just an alternative asset manager.
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Apollo's $20 billion for DePuy Synthes is roughly what J&J paid for Synthes alone.
Bloomberg says Apollo is in talks to buy J&J's orthopaedics business for close to $20 billion. In 2012 J&J paid $19.7 billion for Synthes, and DePuy was not included.
History's largest buyout closed five weeks ago. Its owner is already rearranging it.
PIF took EA private on 4 August for $55 billion, the largest leveraged buyout ever completed. Five weeks later it is weighing whether EA should be folded into the gaming platform it already owned.
The pay gap narrows after a buyout. The expensive people leave.
A Journal of Finance paper finds buyouts narrow pay gaps inside the firm, raise profitability and raise employment. The compression comes from replacing expensive managers with cheaper ones.
