Apollo to Merge Emerald and Questex in $1.5 Billion Deal
Photo Credit: Emerald's American Manufacturing Summit Emerald
Skift Take
By combining Emerald and Questex, the private equity firm will create a company with more than 160 events across North America. The deal underscores growing confidence in live events, but Apollo will need to prove that bigger truly means better for exhibitors and attendees.
Apollo Global Management is acquiring the business-to-business event organizer Emerald and privately held Questex, and is merging the two companies to create one of North America’s largest events and media platforms.
The transaction values Emerald at approximately $1.5 billion. Emerald shareholders will receive $5.03 per share in cash, a 42% premium to the company's share price. When the deal is done, Emerald will be taken private.
The combined company will operate approximately 160 trade shows, conferences, and content-driven events across a wide range of industries, bringing together Emerald’s portfolio of large-scale exhibitions with Questex’s events and year-round digital engagement model.
Emerald Had Been Exploring a Sale
The deal comes after a strong year for Emerald. In 2025, revenue rose 16.2% to $463 million, and adjusted EBITDA jumped 25% to $127.1 million. The company projected 2026 revenue of $495 million and adjusted EBITDA of $142.5 million.
Major acquisitions in 2025 included This is Beyond, an experiential luxury travel company; Insurtech Insights, which produces live events and webinars for the insurance technology community; and Generis, a Canada-based organizer of B2B executive summits.
The Emerald board unanimously approved the transaction. Onex Corporation, which owns more than 90% of Emerald's outstanding shares, has agreed to vote in favor of the deal.
Paul Miller, chief executive of Questex, said the deal will help scale Questex's model of combining live events with digital media and data products. Hervé Sedky, president and chief executive of Emerald, said the merger will provide greater resources to accelerate expansion.
The transaction is expected to close in the second half of 2026, subject to regulatory approvals.
Industry Sees More Deals Ahead
The move is being watched closely across the events industry. Vincent Polito, CEO of the Society of Independent Show Organizers, called it a clear signal of sustained confidence in the sector. "Both Questex and Emerald were very strategic in their portfolio in the past year, and this has yielded this significant transaction," he said. Polito expects more deals to follow.
Apollo said the combined platform will pursue organic growth and additional acquisitions in what it describes as a fragmented B2B events market.
