Apollo Global Management is expanding into the live-events sector with a dual acquisition strategy that will see it take control of Emerald Holding and Questex, with plans to merge the two business-to-business events operators into a single platform, according to a report by the Wall Street Journal.
Under the agreement, Apollo will acquire publicly listed Emerald Holding in an all-cash transaction valuing the company at approximately $1 billion, with shareholders set to receive $5.03 per share. The offer represents a premium to Emerald’s prior closing price, and the deal has the support of its largest shareholder, Onex.
In parallel, Apollo has agreed to acquire privately held Questex from MidOcean Partners, although financial terms for that transaction have not been disclosed. Questex is smaller in scale but operates in complementary sectors including healthcare, beauty, travel, and life sciences.
Emerald is a US-based organiser of trade shows and industry conferences, with events spanning retail, outdoor sports, and e-commerce. It has been repositioning its portfolio in recent years by divesting lower-margin events and focusing on higher-growth industry verticals.
Questex operates a similar B2B events and media model, producing trade shows and digital content platforms such as Fierce Pharma and Fierce Biotech, targeting professional services and specialised industry audiences.
Apollo plans to combine the two businesses to create a scaled live-events platform, betting on continued demand for in-person industry gatherings as a complement to digital communication and AI-driven interaction. The strategy reflects a broader view that physical networking and conferences may regain importance in a post-pandemic environment and amid increasing digital saturation.
The transaction marks Apollo’s entry into the live-events industry, though the firm has prior experience investing in experience-led businesses, including hospitality and leisure assets. It also follows a broader trend of consolidation in fragmented B2B events markets, where private equity firms see opportunities to build scaled platforms through roll-up strategies.
The deal also reflects growing sponsor interest in combining complementary assets into integrated industry platforms, with Apollo signalling intentions to pursue further acquisitions in the sector following completion of the transaction.
