Apollo-managed funds have entered into separate definitive agreements to acquire Emerald Holding and Questex with the intention of combining the two businesses into a leading North American B2B experiential events and media platform in an all-cash transaction. Under the terms of the agreement with Emerald, stockholders will receive $5.03 per share in cash, representing a 42.1% premium to Emerald’s unaffected share price and implying an estimated closing enterprise value of approximately $1.5 billion. The Emerald Board of Directors unanimously approved the transaction, and Onex, which beneficially owns over 90% of Emerald’s outstanding shares, has entered into a support agreement to vote in favor of the deal.
Together, Emerald and Questex would create a scaled B2B events platform with approximately 160 events across complementary end markets, combining Emerald’s category-leading exhibitions with Questex’s differentiated events portfolio and 365-day digital engagement model. The combined business is expected to drive organic growth and serve as a strategic partner of choice for founders and operators across the large and fragmented B2B events landscape. Upon completion of the transaction, Emerald’s shares will no longer trade on the New York Stock Exchange, and the company will become private.
Apollo is a global alternative asset manager with approximately $1.03 trillion in assets under management as of March 31, 2026. The firm’s investment in the combined platform reflects a broader thesis around the enduring value of in-person industry gatherings at a time when AI and digital tools are simultaneously expanding and elevating the ways professionals connect and do business.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals. Goldman Sachs acted as exclusive financial advisor to Emerald, while RBC Capital Markets, RAN Advisory and PJT Partners advised the Apollo Funds.
KEY QUOTES:
“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. Bringing together Emerald and Questex would create a scaled, highly complementary platform that is well positioned to capture that demand.”
Shahid Bosan, Managing Director, Apollo
“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. 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.”
Kosty Gillis, Managing Director and Chairman of the Board, Onex and Emerald
“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. 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.”
Hervé Sedky, President and CEO, Emerald
“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 centered 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.”
Paul Miller, CEO, Questex
