Apollo Funds to Acquire Emerald for $1.5 Billion

Apollo Funds (APO) entered a merger agreement on May 11, 2026, to acquire Emerald Holding, Inc. (EEX) and Questex, LLC, to combine the two.

Deal Structure:

Emerald stockholders will receive $5.03 per share in cash, implying a value of $1.5 billion, representing a premium of 10.07% from the stock’s last close.

Company Profile:

Emerald is a U.S.-based operator of B2B trade shows, conferences, and digital commerce platforms across industries, including retail, design, technology, and safety. The company also provides content, marketing, and networking solutions through its events and online platforms.

Questex is a B2B events and information services company that operates trade shows, conferences, digital media brands, and marketing platforms across industries, including healthcare, hospitality, beauty, travel, and technology. The company connects buyers and sellers through live events, industry content, data insights, and year-round digital communities.

Apollo is an alternative asset manager that invests across private equity, credit, real estate, and other alternative asset classes. Apollo has about $1.03 trillion in assets under management.

Deal Details and Timeline:

Emerald and Questex would form a scaled B2B events platform spanning approximately 160 events across complementary end markets, combining Emerald’s exhibitions with Questex’s event portfolio and year-round digital engagement model.

Onex, which owns more than 90% of Emerald’s shares, has agreed to vote in support of the deal.

The merger is expected to be completed in the second half of 2026.

Emerald was advised by Goldman Sachs as financial advisor and Fried, Frank, Harris, Shriver & Jacobson as legal counsel. Apollo’s affiliated funds were advised by RBC Capital Markets, RAN Advisory, and PJT Partners as financial advisors, and by Sidley Austin as legal counsel.

Apollo Funds is paying 11.99 times EBITDA for Emerald.

Deal Metrics:

For more comprehensive information regarding this M&A deal, please visit the Deal Metrics page at:

Deal Metrics for the acquisition of Emerald Holding, Inc. (EEX) by Apollo Funds (APO)

Each merger or acquisition’s Deal Metrics page comprises:

• A spread history chart tracking the merger from its announcement to its completion or failure.
• A record of each event as the merger moves through various stages such as the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
• Updates on news and SEC filings.
• A history of deal updates.
• And many more insightful details.

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Editor’s Note: Baranjot Kaur contributed to this article