Apollo Funds to acquire Emerald and Questex

The combined businesses would offer approximately 160 B2B events, including Surf Expo, IGES and ASD Marketweek.

Apollo has announced that Apollo-managed funds have entered into separate definitive agreements to acquire Emerald Holding Inc. and Questex, with the intention to combine the businesses to create a large North American B2B experiential events and media platform, in an all-cash transaction.

Emerald offers category-leading exhibitions, including Surf Expo, Collective Shows, ASD Marketweek and IGES. Questex also has a differentiated portfolio, offering information services and events for a variety of industries. By combining Emerald and Questex, Apollo Funds says it would create a scaled B2B events platform with approximately 160 events across complementary end markets. The combined business is expected to drive organic growth and serve as a strategic partner of choice for founders and operators in the large and fragmented B2B events landscape.

Under the terms of the agreement with Emerald, 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 has unanimously approved the transaction. Onex, which beneficially owns over 90% of Emerald’s outstanding shares, has entered into a support agreement to vote in favor of the transaction. Upon completion of the transaction, Emerald will become a private company.

“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,” says Shahid Bosan, managing director at Apollo. “Bringing together Emerald and Questex would create a scaled, highly complementary platform that is well-positioned to capture that demand. We believe the combined business will benefit from the strength of both organizations’ teams, differentiated content, deep customer relationships and proven 365-day engagement model, giving the platform a distinct ability to serve its communities year-round and drive sustained growth.”

Hervé Sedky, president and CEO of Emerald, says Emerald has transformed its portfolio in recent years with a focus on higher growth, market-leading brands.

“We are grateful to Onex for their partnership and support in building Emerald into what it is today,” he says. “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 and deliver lasting value for our customers, employees and stakeholders.”

The transaction is expected to be completed in the second half of 2026, subject to customary closing conditions and regulatory approvals.