The deal is small relative to Apollo's $1.03T AUM and unlikely to move APO shares materially. Monitor for regulatory clearance and any competing bids for Emerald. The combination with Questex suggests a longer-term build strategy; no immediate catalyst for APO.
Price Chart
Executive Summary
Apollo-managed funds have agreed to acquire Emerald Holding for $5.03 per share in cash (42.1% premium to unaffected price, ~$1.5B enterprise value) and separately acquire Questex, with plans to combine them into a leading B2B events platform. The deal is expected to close in H2 2026, subject to regulatory approvals and customary conditions. This is a bolt-on platform build in a fragmented market, consistent with Apollo's private equity strategy.
Key Financial Metrics
Key Facts
- Apollo Funds to acquire Emerald Holding for $5.03/share in cash, a 42.1% premium to unaffected price
- Estimated closing enterprise value of Emerald is approximately $1.5 billion
- Emerald and Questex to be combined into a B2B experiential events and media platform with ~160 events
- Onex, beneficially owning >90% of Emerald shares, has entered into a support agreement to vote in favor
- Transaction expected to close in the second half of 2026
- Emerald Board unanimously approved the transaction
- Emerald declared a quarterly dividend of $0.015/share payable June 1, 2026
- Emerald cancelled its Q1 2026 earnings call due to the announcement
Financial Impact
Apollo Funds acquiring Emerald for ~$1.5B enterprise value; Questex terms undisclosed. Combined platform of ~160 events.
Risk Factors
- Regulatory approvals may delay or block the transaction
- Integration risks combining two platforms
- Potential for competing bids for Emerald given the 42.1% premium
- Questex acquisition terms undisclosed, creating valuation uncertainty
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3291706 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | Press Release | $124.53 $124.36 | ▼ −0.14% | ▼ −2.70% | $114.02 (−8.44%) |
Aug 24, 2026 5w ago | 8-K | $132.79 $136.58 | ▲ +2.85% | ▲ +2.39% | $114.02 (−14.14%) |
Aug 11, 2026 7w ago | 8-K | $140.28 $133.85 | ▼ −4.58% | ▼ −4.18% | $114.02 (−18.72%) |
Aug 8, 2026 7w ago | 144 | $132.02 $134.54 | ▼ −1.91% | ▼ −1.96% | $114.02 (+13.63%) |
Aug 4, 2026 8w ago | 8-K | $133.20 $140.28 | ▲ +5.32% | ▲ +5.42% | $114.02 (−14.40%) |
Aug 3, 2026 8w ago | Press Release | $133.20 $140.28 | ▲ +5.32% | ▲ +5.42% | $114.02 (−14.40%) |
Jul 20, 2026 10w ago | Institutional Cluster | $118.40 $124.24 | ▲ +4.93% | ▲ +6.16% | $114.02 (−3.70%) |
Jun 2, 2026 17w ago | Press Release | $124.35 $131.14 | ▲ +5.46% | ▲ +9.28% | $114.02 (−8.31%) |
May 12, 2026 20w ago | Press Release | $131.93 $134.07 | ▲ +1.62% | ▲ +1.54% | $114.02 (−13.58%) |
May 11, 2026 20w ago | Press Release | $130.46 $134.07 | ▲ +2.77% | ▲ +2.85% | $114.02 (−12.60%) |
US Market Status
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