Apollo Funds Completes $1.5 Billion Buyout of Emerald Holding
The all-cash deal unites two B2B events platforms under private ownership to capture demand for in-person industry gatherings.
**Apollo Funds completed its acquisition of Emerald Holding Inc. (NYSE: EEX) and Questex LLC in an all-cash transaction that values the combined business at approximately $1.5 billion**. Emerald stockholders received $5.03 a share, a 42.1% premium to the company’s unaffected share price.
The deal closed after Emerald’s board unanimously approved the transaction and Onex, which owns over 90% of Emerald’s outstanding shares, agreed to vote its stake in favor. Emerald’s shares will no longer trade on the New York Stock Exchange, and the company will operate as a private entity under Apollo’s ownership.
The combination creates a leading North American B2B experiential events and media platform with approximately 160 events across complementary end markets. The strategic rationale centers on capturing demand for in-person gatherings as industries seek trusted venues for commerce and relationship-building. "This transaction combines two market leaders with iconic brands, deep customer relationships, and differentiated capabilities, to create a scaled platform positioned to accelerate organic growth, invest in innovation, and deliver even greater value for customers, employees and other stakeholders," said Shahid Bosan, Managing Director at Apollo.
Emerald, the largest U.S.-based B2B event organizer, operates a portfolio of trade shows, conferences, and digital engagement platforms spanning 20 industry sectors, including design, technology, and luxury markets. The company’s three business lines—Connections (events), Content (publications and websites), and Commerce (B2B e-commerce software)—generated approximately $400 million in revenue for 2024. Questex, which Apollo also acquired, brings a complementary events portfolio and a 365-day digital engagement model, reinforcing the combined platform’s ability to serve customers year-round.
The deal follows a months-long strategic review initiated by Emerald in December 2023 after receiving multiple acquisition inquiries. Apollo’s move mirrors a broader consolidation trend in the B2B events sector, where private equity firms have targeted fragmented operators with scalable digital and in-person engagement models. Emerald itself has a history of accretive M&A, having completed over 30 acquisitions in the past decade, including recent deals for luxury travel and insurance technology events.
Regulatory and shareholder conditions have been satisfied, and the transaction is now complete. The combined platform is expected to benefit from cost and revenue synergies, though specific accretion or integration targets were not disclosed. The company did not comment on plans for buybacks or dividend continuity under private ownership.