Apollo Enters Agreements to Acquire Emerald and Questex
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 11 2026
0mins
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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Analyst Views on APO
Wall Street analysts forecast APO stock price to rise
11 Analyst Rating
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 138.480
Low
136.00
Averages
164.45
High
182.00
Current: 138.480
Low
136.00
Averages
164.45
High
182.00
About APO
Apollo Global Management, Inc. is a global alternative asset manager and a retirement services provider. It operates through three segments: Asset Management, Retirement Services and Principal Investing. The Asset Management segment focuses on three investing strategies: yield, hybrid, and equity. These strategies reflect the range of investment capabilities across its platform based on relative risk and return. The Retirement Services business is conducted by Athene Holding Ltd (Athene), a financial services company that specializes in issuing, reinsuring, and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene product lines include annuities and funding agreements. The Principal Investing segment includes realized performance fee income, realized investment income from its balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Surging Memory Demand: As AI data centers expand, Micron, one of only three companies capable of producing high-bandwidth memory at scale, stands to benefit from the increasing demand for memory, despite the deal primarily relying on Google's TPUs rather than Nvidia's GPUs.
- Broad Market Outlook: Morgan Stanley predicts that an additional $1.5 trillion in external financing will be required for AI build-out by 2028, with private credit playing a crucial role; this Apollo and Blackstone deal sets a template for future innovative financing structures, highlighting intensifying competition in the semiconductor industry and the ongoing demand for memory.
See More
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- Technical Collaboration Structure: The deal utilizes a Special Purpose Vehicle (SPV) to purchase Tensor Processing Units (TPUs) from Google, which will be leased to Anthropic, allowing the company to keep hardware off its balance sheet and enhancing financial flexibility as it prepares for its IPO.
- Market Impact Analysis: While this deal may not favor Nvidia due to its reliance on Google's TPUs instead of Nvidia's GPUs, Micron stands to benefit significantly as AI data centers require vast amounts of high-bandwidth memory, and Micron is one of only three companies capable of producing it at scale.
- Future Financing Needs: According to Morgan Stanley, the AI build-out will require an additional $1.5 trillion in external financing by 2028, with private credit playing a crucial role, and this deal serves as a template for future innovative deal structures.
See More
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See More
