M&A · Financials · Investment Advice
Apollo Global Management, Inc. to acquire Bridge Investment Group Holdings Inc.
Announced Feb 24, 2025 · Closed Sep 2, 2025
Deal value$1.50B
Premium45.2%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$11.50 per share
Transaction
- Acquirer
- Apollo Global Management, Inc. (APO)
- Target
- Bridge Investment Group Holdings Inc. (BRDG)
- Buyer type
- Private equity
- Offer price per share
- $11.50
- Enterprise value
- —
- Status
- Closed Sep 2, 2025
Deal protections
- Break fee (target pays)
- $45.0M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- BofA Securities, Citigroup, Goldman Sachs, Morgan Stanley
- To the target
- JPMorgan, Lazard
Sector context · Financials
- Comparable deals
- 58 in the prior 24 months
- Premium
- 45.2% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 12.5x
- Break fee
- 3.0% vs. 3.3% sector median
Timeline
- AnnouncedFeb 24, 2025
- Proxy filedMay 14, 2025
- Definitive proxyMay 14, 2025
- Shareholder voteJun 17, 2025
- ClosedSep 2, 2025
Valuation · fairness opinions
Trading comparablesJPMorgan$6.36$7.94
Sum of the partsJPMorgan$2.39$4.04
Discounted cash flowJPMorgan$5.93$9.33
Trading comparablesLazard$6.90$8.69
Sum of the partsLazard$6.94$8.50
Discounted cash flowLazard$8.73$10.93
Precedent transactionsLazard$7.26$10.13
Offer $11.50
Implied value per Bridge Investment Group Holdings Inc. share by analysis, from JPMorgan and Lazard · DCF discount rate 9%–11%.