Apollo Acquires Emerald and Questex for $1.5 Billion

Apollo Global Management has announced the acquisition of Emerald Holding, Inc. for approximately $1.5 billion, solidifying its position in the trade show and business conferences industry. The deal also includes Questex, another events consolidator, which Apollo plans to merge with Emerald to enhance its portfolio. This transaction aims to create one of the largest B2B events platforms in the U.S., with roughly 160 events spanning multiple sectors.

Emerald Holding, a publicly traded company on the NYSE under the ticker EEX, will see its shares acquired at $5.03 each, representing a 42.1% premium over the unaffected share price as of December 18, 2025, just before Emerald announced it was exploring strategic options. Nonetheless, this offer is below the peak price of $5.45 achieved during the past year. Emerald’s board, heavily influenced by its 90% owner Onex Corporation, has unanimously approved the acquisition. Completion of the transaction, which is contingent on regulatory approval and customary closing conditions, is anticipated in the latter half of 2026.

Apollo's strategic integration of Emerald and Questex is intended to capture growing demand for in-person industry gatherings, even as digital and AI-driven networking methods proliferate. Questex brings a diverse array of about 45 U.S.-based events in sectors such as Hospitality & Travel, Wellness & Beauty, Technology, and Life Sciences. Apollo aims to leverage the complementary strengths and customer bases of Emerald and Questex, supported by a 365-day digital engagement model, to drive sustained business growth.

The acquisition highlights Apollo's ongoing investment in alternative assets and emphasizes the perceived value of in-person events. The combined entity is poised to intensify competition in the U.S. events market, setting new benchmarks for scale and service diversity. This move aligns with industry trends where large-scale mergers create efficiencies and boost market offerings against a backdrop of evolving attendee expectations and technological advancements.

As the transaction proceeds toward closing in 2026, regulatory scrutiny will likely focus on potential market concentration concerns. However, given the fragmented nature of the industry, significant antitrust hurdles are not anticipated. The focus will be on successful integration and realization of strategic synergies to meet the increasing demand for immersive, face-to-face industry engagement.