M&A · Industrials · Services-Business Services, NEC
Apollo Global Management, Inc. to acquire Emerald Holding, Inc.
Announced May 11, 2026 · Closed Jul 14, 2026
Deal value$1.50BEV $1.50B
Premium42.1%To unaffected price
EV / Adj. EBITDA25.7x3.2x EV / Revenue
ConsiderationAll cash$5.03 per share
Transaction
- Acquirer
- Apollo Global Management, Inc. (APO)
- Target
- Emerald Holding, Inc. (EEX)
- Buyer type
- Private equity
- Offer price per share
- $5.03
- Enterprise value
- $1.50B
- Status
- Closed Jul 14, 2026
Deal protections
- Break fee (target pays)
- $84.0M · 5.6%
- Reverse fee (buyer pays)
- $84.0M · 5.6%
- Go-shop
- No-shop
- Financing
- Committed · Barclays, BofA Securities, Deutsche Bank, RBC Capital Markets, UBS, Wells Fargo
Advisors
- To the acquirer
- RBC Capital Markets, PJT Partners
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 98 in the prior 24 months
- Premium
- 42.1% vs. 34.0% sector median
- EV / Adj. EBITDA
- 25.7x vs. 11.1x sector median
- Break fee
- 5.6% vs. 2.8% sector median
Timeline
- AnnouncedMay 11, 2026
- Proxy filedJun 5, 2026
- Definitive proxyJun 15, 2026
- Shareholder vote—
- ClosedJul 14, 2026
Valuation · fairness opinions
Other analysis$4.37$6.52
Offer $5.03
Implied value per Emerald Holding, Inc. share by analysis, from Goldman Sachs · DCF discount rate 9%–12%.