The B2B events sector is poised for consolidation as Apollo Global Management moves to acquire two major players and merge them into a single private platform.

Apollo-managed funds have signed separate definitive agreements to acquire Emerald Holding, Inc.

Emerald shareholders will receive $5.03, representing a 42.1% premium to the undisturbed share price as of December 15, 2025, and implying an enterprise value of roughly $1.5 billion.

Onex Corp., which holds more than 90% of Emerald's shares, has entered into a support agreement voting in favor of the deal.

Once completed, Emerald will be delisted from the New York Stock Exchange and become private.

Emerald operates a portfolio of B2B trade shows, conferences, and B2C showcases, along with an executive peer network and digital content marketplace, serving thousands of mostly small and medium-sized business customers.

Questex produces live events enriched by data and year-round digital communities, emphasizing measurable buyer-seller connections.

Together, the businesses account for about 160 events in complementary end markets and offer a 365-day engagement model.

"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," said Shahid Bosan, managing director at Apollo.

He added that the combination will give the platform a "distinct ability to serve its communities year-round and drive sustained growth." The transactions are expected to close in the second half of 2026, subject to regulatory approvals and customary conditions.

Emerald's board also declared a regular quarterly dividend of $0.015, 2026.

Goldman Sachs served as exclusive financial advisor and Fried Frank as legal counsel to Emerald.

Gibson Dunn provided legal advice to Questex.

Apollo Funds were advised by lead financial advisors RBC Capital Markets and RAN Advisory, with PJT Partners as financial advisor, and Sidley Austin as legal counsel.