Apollo Enters Agreements to Acquire Emerald and Questex
Apollo (APO) announced that Apollo-managed funds have entered into separate definitive agreements to acquire Emerald Holding (EEX) and Questex, with the intention to combine the businesses to create a leading North American B2B experiential events and media platform, in an all-cash transaction. Emerald and Questex together would create a scaled B2B events platform with approximately 160 events across complementary end markets, combining Emerald's category-leading exhibitions with Questex's differentiated events portfolio and 365-day digital engagement model. The combined business is expected to be well-positioned to drive organic growth and serve as a strategic partner of choice for founders and operators in the large and fragmented B2B events landscape. 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 $1.5B. The Emerald Board of Directors unanimously approved the transaction. Onex, which beneficially owns over 90% of Emerald's outstanding shares, has entered into a support agreement to vote in favor of the transaction. Upon completion of the transaction, Emerald's shares will no longer trade on the New York Stock Exchange, and Emerald will become a private company. The transaction is expected to be completed in the second half of 2026, subject to customary closing conditions and regulatory approvals.
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- Acquisition Proposal: Apollo has made a conditional cash offer for Bodycote, valuing the thermal processing services provider at approximately £1.52 billion ($2.04 billion), indicating strong interest in the company.
- Stock Price Reaction: Bodycote's shares surged nearly 16% to 810 pence, reflecting a positive market response to the acquisition proposal, which could enhance the company's competitive position in the industry.
- Premium Advantage: The proposed cash price of 885 pence per share represents a nearly 27% premium over Bodycote's closing price on Thursday, demonstrating Apollo's confidence in Bodycote's future growth potential.
- Shareholder Returns: Bodycote shareholders will also be entitled to a proposed final dividend of 16.1 pence per share for the 2025 financial year, further enhancing the attractiveness of the acquisition proposal and potentially encouraging shareholder support for the deal.
- Rising Default Rates: Fitch Ratings reported that the U.S. private credit default rate reached a record 6.0% for the twelve months ending April 2026, up from 5.7% in March 2025, indicating a significant increase in credit risk within the sector.
- Market Tightening: As inflation concerns escalate, lenders are tightening covenant structures and standards, with KBRA noting that the market's 'narrowing margin for error' could lead to more loan defaults and refinancing challenges.
- Increased Investor Redemptions: Data from Robert A. Stanger & Co shows that redemptions from unlisted business development companies surpassed fundraising in Q1, resulting in the Stanger NL BDC Total Return Index posting its first negative return since 2022, reflecting declining investor confidence in private credit.
- Poor Performance of Major Firms: An analysis by S&P Global revealed that sentiment among the big four private equity firms has plummeted to a multiyear low, with KKR experiencing a total return decline of 19.4%, highlighting the industry's overall weak performance amid rising default rates and market uncertainty.
- Fund Performance: Silver Beech Capital's fund reported a -2.0% return in Q1 2026, outperforming the S&P 500's decline of 4.3%, yet lagging behind the Russell 2000's gain of 0.9%, indicating the impact of market volatility on its investment strategy.
- New Investment Position: In Q1 2026, Silver Beech Capital initiated a new position in Apollo Global Management, reflecting a positive outlook on the company's growth potential, which could provide new revenue streams for the fund.
- Market Comparison: Despite the negative fund return, Silver Beech Capital's performance relative to major market indices demonstrates a degree of resilience, potentially attracting investors seeking stable returns amidst market fluctuations.
- Strategic Investment Shift: By investing in Apollo Global Management, Silver Beech Capital may be diversifying its portfolio while capitalizing on Apollo's potential value in the private credit infrastructure sector, thereby enhancing its competitive position in the market.
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- Investment Opportunity Sourcing: Under this partnership, Citi will leverage its capabilities to source investment opportunities for the program, targeting borrowers based in Continental Europe, the UK, and eventually the Middle East with tailored private credit offerings.
- Market Demand Response: The program aims to finance a broad range of sub-investment grade debt instruments in EMEA over an initial five-year term, highlighting the growing collaboration between banks and investment firms in the multi-trillion-dollar private credit market.
- Renewed Investor Interest: Despite the scrutiny surrounding the asset class, institutional investors are showing renewed interest in direct lending, indicating a strong demand for customized credit products in the current market landscape.
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- Performance Improvement: Under Narvekar's leadership, the endowment achieved an 8.1% annualized return over the past three years, surpassing rivals like Yale and Princeton, demonstrating a successful transformation in investment management that has strengthened Harvard's competitive position in academia.
- Investment Strategy Shift: Narvekar aggressively liquidated underperforming illiquid assets while increasing allocations to private equity and venture capital, diversifying the fund's portfolio and successfully attracting capital from top-tier investment managers, thereby enhancing overall investment returns.
- Fiscal Anchor Role: The endowment generated over one-third of Harvard's $6.7 billion operating budget, serving as a crucial fiscal anchor for the university, particularly in light of federal research funding cuts implemented during the Trump administration, ensuring financial stability for the institution.











