The deal is fully financed and has locked-up support from Onex (90%+ holder), making completion highly probable. The stock should trade near the $5.03 offer price minus a small regulatory/timing discount. Monitor HSR and other antitrust approvals as key gating items; any material delay or regulatory pushback could create a wider spread. The combined entity with Questex creates a scaled platform, but there is no public information on Questex deal terms or combined financials.
Price Chart
Executive Summary
Apollo-managed funds have agreed to acquire Emerald Holding, Inc. for $5.03 per share in cash, representing a 42.1% premium to the unaffected share price and implying an estimated enterprise value of approximately $1.5 billion. The transaction will be financed with $760M in equity from Apollo affiliates and $1.24B in debt facilities, and Emerald will be combined with Questex to create a scaled B2B events platform. The deal is expected to close in H2 2026, subject to regulatory approvals and customary conditions.
Key Financial Metrics
Key Facts
- All-cash acquisition at $5.03 per share, a 42.1% premium to unaffected price of $3.54
- Implied enterprise value of approximately $1.5 billion
- Onex, holding over 90% of shares, has already delivered written consent approving the merger
- Equity commitment of $760M from Apollo affiliates; debt financing of $1.24B committed by six banks
- Emerald to be combined with Questex to create a B2B events platform with ~160 events
- Closing expected in H2 2026; termination date set for September 9, 2026 with possible extensions
- Company termination fee of $84M; parent termination fee of $84M
- Quarterly dividend of $0.015 per share declared for Q2 2026
Financial Impact
$5.03 per share cash consideration, ~$1.5B enterprise value, 42.1% premium to unaffected price
Risk Factors
- Regulatory approval under HSR Act and other antitrust laws could delay or block the transaction
- Marketing period and debt financing conditions could extend timeline beyond September 2026
- Shareholder litigation or appraisal demands could create friction or delay
- Integration risk with Questex combination post-close
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-215652 |
| Document: d22741dex101.htm | 0001193125-26-215652 |
| Document: d22741d8k.htm | 0001193125-26-215652 |
| Document: d22741dex991.htm | 0001193125-26-215652 |
| Document: 0001193125-26-215652-index-headers.html | 0001193125-26-215652 |
| Document: 0001193125-26-215652-index.html | 0001193125-26-215652 |
| Document: 0001193125-26-215652.txt | 0001193125-26-215652 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 24, 2026 10w ago | 15-12G | — | awaiting T+20 | — | — |
Jul 14, 2026 11w ago | 25-NSE | $5.04 awaiting T+20 | awaiting T+20 | — | — |
May 11, 2026 20w ago | 8-K | $4.99 $5.01 | ▲ +0.40% | ▲ +0.71% | — |
Mar 13, 2026 29w ago | 8-K | $4.06 $4.68 | ▲ +15.37% | ▲ +11.79% | — |
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