The fragmented B2B events sector is getting a new scaled contender.

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

and Questex, LLC and will combine the businesses into a single private platform.

The all-cash deal values Emerald at approximately $1.5 billion.

Emerald stockholders will receive $5.03, a 42.1% premium to the unaffected price before the company disclosed its strategic review.

Onex, which beneficially owns over 90% of Emerald’s outstanding shares, has signed a support agreement for the transaction.

Emerald will delist from the NYSE upon closing.

The merged entity will house roughly 160 events across North America, combining Emerald’s portfolio of trade shows and conferences with Questex’s events business and its 365-day digital engagement model.

Emerald is a U.S.-based B2B event organizer that owns and operates trade shows, conferences, B2C showcases, and a peer network platform, serving primarily small and medium-sized businesses.

Questex drives business connections through live events, data insights, and year-round digital communities.

Apollo views the combination as both responsive to and reinforcing the enduring value of in-person gatherings.

“As AI and digital tools rapidly expand the ways professionals connect, they are simultaneously elevating the value of trusted, in-person gatherings where industries come together to do business,” said Shahid Bosan, managing director at Apollo.

The firm believes the combined platform will have the scale and capabilities to capture that demand and serve as a partner of choice for founders and operators in the large, fragmented B2B events landscape.

Emerald President and CEO Hervé Sedky said the acquisition by Apollo and combination with Questex would provide “enhanced resources, strategic support, and long-term capital.” Questex CEO Paul Miller stated the combination creates a “compelling opportunity to drive growth through innovation, digital integration, and strategic initiatives.” Advisors to Emerald included Goldman Sachs & Co.

as exclusive financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as legal counsel.

Questex was advised by Gibson, Dunn & Crutcher LLP.

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

The deal is expected to close in the second half of 2026, subject to regulatory approvals and closing conditions.