⦿ Executive Snapshot

• What: Apollo Funds are acquiring Emerald and Questex to create a leading North American B2B events platform.
• Who: Apollo Funds, Emerald Holding, Inc., Questex, Onex.
• Why it matters: This acquisition aims to unify complementary businesses in a fragmented B2B events market, potentially driving significant growth and innovation in the sector.

⦿ Key Developments

• Apollo Funds have entered into definitive agreements to acquire Emerald for $5.03 per share, a 42.1% premium over its unaffected share price, valuing the deal at approximately $1.5 billion.
• The combined platform will operate approximately 160 events across various end markets, leveraging Emerald’s exhibitions and Questex’s digital engagement model.
• The transaction is expected to close in the second half of 2026, pending customary regulatory approvals.

⦿ Strategic Context

• The B2B events landscape has been historically fragmented, with various players offering distinct services; this acquisition aims to consolidate strengths and enhance market presence.
• The growing importance of in-person gatherings amidst the rise of digital tools indicates a significant shift in how businesses engage, highlighting the relevance of this merger.

⦿ Strategic Implications

• The immediate consequence could be a strengthened market position for the combined entity, allowing it to capture increased demand for B2B events and digital engagement solutions.
• Long-term, the merger may lead to enhanced innovation and resources, fostering sustainable growth and expanded service offerings in the B2B events sector.

⦿ Risks & Constraints

• Regulatory approvals may pose a risk, as the transaction is subject to customary closing conditions that could delay or derail the acquisition.
• Competition from other established B2B event organizers and the need for integration of the two companies' operations might present execution challenges.

⦿ Watchlist / Forward Signals

• The expected completion of the transaction in the second half of 2026 will be a critical milestone to monitor for the success of this strategic move.
• Future developments in the integration process and any announcements regarding new event offerings or digital initiatives will signal the effectiveness of this merger.