Apollo-managed funds agreed on 11 May to acquire NYSE-listed Emerald Holding for $5.03 a share in cash, implying an enterprise value of about $1.5bn, and to buy privately held Questex at the same time.
Why Apollo Global Management is buying Emerald Holding, Inc. and Questex
Apollo argued that as AI and digital tools multiply the ways professionals connect, trusted in-person gatherings become more valuable, and that combining Emerald's exhibitions with Questex's events and year-round digital engagement would create a scaled platform for further deals in a fragmented market.
“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”
Deal terms and financing
The $5.03 price was a 42.1% premium to Emerald's unaffected share price on 15 December 2025, the day before it said it was reviewing strategic alternatives. Onex, which owned more than 90% of Emerald, agreed to vote in favour. Questex terms were not disclosed.
Regulatory approvals and timing
Apollo completed both acquisitions on 14 July 2026; Emerald shares ceased trading on the NYSE and Questex chief executive Paul Miller became CEO of the combined company.
Market context
Emerald runs trade shows and B2B media brands serving thousands of mostly small and medium-sized exhibitors. The combined platform spans about 160 events across complementary end markets.
