Apollo (NYSE: APO) has announced, 11 April, that Apollo-managed funds (the ‘Apollo Funds’) have entered into separate definitive agreements to acquire Emerald Holding, Inc. and Questex, LLC, 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 exhibitions with Questex’s events portfolio and 365-day digital engagement model.
Under the terms of the agreement Emerald stockholders will receive $5.03 per share in cash, representing a 42.1% premium to Emerald’s unaffected share price1, and implying an estimated closing enterprise value of approximately $1.5bn. The Emerald Board of Directors unanimously approved the transaction.
The Wall Street Journal estimates that Emerald-Questex will together have a revenue of at least $650m, with the transaction values Emerald at c$1bn and Questex at $500m.
The $1.5bn deal comes just two weeks after the record-breaking CloserStill deal.
Onex, which beneficially owns over 90% of Emerald’s outstanding shares, has entered into a support agreement to vote in favour 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.
“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,” said Shahid Bosan, managing director at Apollo. “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 organisations’ 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.”
“We are pleased to have reached this agreement with the Apollo Funds, which delivers compelling and immediate value to Emerald shareholders at a meaningful premium,” said Kosty Gillis, Onex managing director and chairman of the Board of Emerald. “This is the result of a rigorous and comprehensive review of strategic alternatives that commenced last year, and the Board is confident Apollo is the right partner to take Emerald into its next chapter of growth.”
“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,” said Hervé Sedky (pictured), president and CEO of Emerald. “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.”
Paul Miller, CEO of Questex, said: “We are excited to partner with Apollo and combine with Emerald to accelerate and scale our business model. Questex has built a differentiated experiential platform centred 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.”
The transaction is expected to be completed in the second half of 2026, subject to regulatory approvals.
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.
1 The unaffected share price as of December 15, 2025, the trading day prior to Emerald announcing that it is considering strategic alternatives.
Source: www.exhibitionworld.co.uk
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