Apollo Global Management is acquiring two live-events companies, combining them into a new platform for in-person gatherings. The investment firm announced Monday it would buy publicly traded Emerald Holding and privately held Questex, confirming an earlier Wall Street Journal report. The move signals Apollo's bet on the recovering live-events sector as corporate events and conferences rebound following years of pandemic disruption.

Under the deal terms, Emerald shareholders will receive $5.03 in cash per share, valuing the company at roughly $1 billion. The offer represents a premium to Emerald's closing price of $4.57 on Friday, translating to roughly 10% upside for investors. The transaction is expected to close in the first half of next year, subject to shareholder approval.

The acquisition comes as the live-events industry continues recovering from pandemic disruptions. Apollo's strategy centers on consolidating fragmented event businesses to create scale in the meetings and conferences market, positioning itself as a dominant player in the sector. The combined entity will likely become a major force in the live-events space, with significant leverage over pricing and venue partnerships.