Key Takeaways:
NEW YORK – Apollo Global Management (NYSE: APO) has entered a definitive agreement to acquire Emerald Holding, Inc. (NYSE: EEX) for approximately $1.5 billion in an all-cash transaction, a move that will also see the private equity giant purchase Questex and merge the two B2B events platforms.
"Bringing together Emerald and Questex would create a scaled, highly complementary platform that is well positioned to capture that demand," said Shahid Bosan, Managing Director at Apollo. "We believe the combined business will benefit from the strength of both organizations’ teams, differentiated content, deep customer relationships, and proven 365-day engagement model."
The deal values Emerald at $5.03 per share, a 42.1 percent premium to the company’s unaffected share price on December 15, 2025. The transaction, expected to close in the second half of 2026 pending regulatory approval, will result in Emerald being taken private and its shares delisted from the New York Stock Exchange. Onex Partners, which holds over 90 percent of Emerald's shares, has agreed to vote in favor of the deal.
The acquisition marks a significant consolidation in the business-to-business events sector, creating a platform with approximately 160 events. By combining Emerald's large-scale trade shows with Questex's digital engagement model, Apollo aims to build a more resilient and growth-oriented company capable of serving customers year-round.
The merger of Emerald and Questex under Apollo's ownership is set to create a dominant player in the North American B2B events market. The firms’ portfolios are largely complementary, combining Emerald’s leadership in large-scale exhibitions with Questex’s expertise in niche events and digital media. This synergy is expected to provide a more robust platform for growth and make the combined entity a more attractive partner for future acquisitions in the fragmented events industry.
"Over the past several years, we have transformed the portfolio with a clear focus on higher-growth, market-leading brands," said Hervé Sedky, President and CEO of Emerald. "We believe the acquisition by Apollo Funds and the subsequent combination with Questex will provide the enhanced resources, strategic support, and long-term capital to accelerate our growth."
The transaction involved a number of high-profile financial and legal advisors. Goldman Sachs & Co. LLC served as the exclusive financial advisor to Emerald, with Fried, Frank, Harris, Shriver & Jacobson LLP as legal counsel. Onex Partners was advised by William Blair & Company and Solomon Partners. For the Apollo Funds, RBC Capital Markets and RAN Advisory acted as lead financial advisors, with Sidley Austin LLP providing legal counsel.
This article is for informational purposes only and does not constitute investment advice.
