NEW YORK CITY — Apollo Global Management, Inc., announced that Apollo-managed funds have entered into separate definitive agreements to acquire Emerald and Questex.
Apollo plans to combine the businesses to create a North American B2B experiential events and media platform, in an all-cash transaction.
Together, the organizations have approximately 160 events across complementary end markets.
The transaction is expected to be completed in the second half of 2026, subject to customary closing conditions and regulatory approvals.
“As AI and digital tools rapidly expand the ways professionals connect and share information, they are simultaneously elevating the value of trusted, in-person gatherings, where industries come together to do business, build relationships and make consequential decisions,” Shahid Bosan, Managing Director at Apollo, stated. “Bringing together Emerald and Questex would create a scaled, highly complementary platform that is well positioned to capture that demand. 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, giving the platform a distinct ability to serve its communities year-round and drive sustained growth.”
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Inside the Deal
When the transaction is completed, Emerald’s shares will no longer trade on the New York Stock Exchange, and it will become a private company.
Under the terms of the agreement with Emerald, Emerald stockholders will receive $5.03 per share in cash, representing a 42.1% premium to Emerald’s unaffected share price and implying an estimated closing enterprise value of approximately $1.5 billion.
“Over the past several years, we have transformed the portfolio with a clear focus on higher-growth, market-leading brands, building a more diversified mix of events and the strongest portfolio in our history,” Hervé Sedky, President and CEO at Emerald, stated. “We are grateful to Onex for their partnership and support in building Emerald into what it is today. 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 and deliver lasting value for our customers, employees and stakeholders.”
“We are excited to partner with Apollo and combine with Emerald to accelerate and scale our business model,” Paul Miller, FCIM, Chief Executive Officer of Questex, stated. “Questex has built a differentiated experiential platform centered on year-round engagement and high-value customer communities, and we believe this combination creates a compelling opportunity to drive growth through innovation, digital integration, and strategic initiatives.”
Goldman Sachs & Co. LLC acted as the exclusive financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Emerald.
Gibson, Dunn & Crutcher LLP acted as legal counsel to Questex. RBC Capital Markets and RAN Advisory acted as lead financial advisors and PJT Partners acted as financial advisor to the Apollo Funds. Sidley Austin LLP acted as legal counsel to the Apollo Funds.
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