EEX News & Events

Rosenblatt analyst Barton Crockett downgraded Emerald Holding (EEX) to Neutral from Buy with a $5.03 price target after Apollo (APO) announced that Apollo-managed funds have entered into an agreement to acquire Emerald for $5.03 per share in cash. There is an $84M break fee, but the firm says it "clearly sees that as unlikely to come into play" and argues that the deal "seems highly likely to be completed consistent with stated expectations."

Maxim downgraded Emerald Holding (EEX) to Hold from Buy after Apollo (APO) announced that Apollo-managed funds have entered into an agreement to acquire Emerald for $5.03 per share in cash.

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.

Reports Q4 revenue $132.7M vs. $106.8M last year. Herve Sedky, Emerald's President and Chief Executive Officer, said, "2025 was a pivotal year for Emerald - marked by disciplined execution and purposeful growth. Through targeted acquisitions, including This is Beyond, Insurtech Insights, and Generis, we expanded our presence in structurally higher-growth markets and added meaningful scale to our portfolio. We delivered solid financial results, met our full-year objectives, and exited the year with strong momentum supported by healthy customer demand and rebooking activity. As we enter 2026, Emerald has its most resilient and dynamic portfolio in more than a decade and a clear, confident path to long-term value creation." David Doft, Emerald's Chief Financial Officer, added, "Our full-year 2025 results reflect the benefits of our efforts to pursue a more diversified portfolio of events. Revenue increased 16.2% year-over- year and Adjusted EBITDA grew 25.0%, supported by consistent operating performance across the business. Organic revenue growth was solid, and when incorporating our recent acquisitions, underlying organic growth was approximately 4.8%, highlighting both the earnings contribution and scalability of the assets added during the year. Current sales trends provide visibility for continued growth in 2026. Based on this operating performance, we are issuing full-year 2026 guidance in the range of $490-$495 million in revenue and $137.5-$142.5 million in Adjusted EBITDA."