08:37 AM EDT, 03/27/2024 (MT Newswires) -- UBS (UBS) said Wednesday it closed a deal to sell Credit Suisse's securitized products business to Apollo Global Management ( APO ) .

Apollo will buy $8 billion of UBS's "senior secured financing facilities," UBS said, noting that it expects a net gain of $300 million from the transaction.

"This mutually beneficial agreement aligns with UBS's strategy of winding down and simplifying its non-core and legacy portfolio," UBS said. The move would free up capital from non-core activities, and reduce costs and complexity, UBS Chief Executive Sergio P. Ermotti added.

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