Onex Partners is selling Emerald Holding Inc. (NYSE: EEX), the parent of the Outdoor Retailer and Surf Expo trade Shows, to funds managed by Apollo. Onex reportedly owns over 90 percent of the outstanding shares, held through Onex Partners III and Onex Partners V, both of which will receive full liquidity on their respective positions.
Upon completion of the transaction, Emerald will cease trading on the New York Stock Exchange and become a private company owned by the Apollo Funds.
But Apollo appears to have bigger plans for Emerald as the company said Monday morning that it had entered into separate definitive agreements to acquire Emerald along with Questex, LLC with the intention to combine the businesses and create a leading North American B2B experiential events and media platform, in an all-cash transaction.
“Emerald and Questex together would create a scaled B2B events platform with approximately 160 events across complementary end markets, combining Emerald’s category-leading exhibitions with Questex’s differentiated events portfolio and 365-day digital engagement model,” Apollo said in a media release. “The combined business is expected to be well-positioned to drive organic growth and serve as a strategic partner of choice for founders and operators in the large and fragmented B2B events landscape.”
The Emerald transaction, which is expected to close in the second half of 2026, subject to regulatory approvals, values Emerald at approximately $1.5 billion. Under the terms of the agreement, Emerald stockholders will receive $5.03 per share in cash, representing a 42.1% premium to Emerald’s unaffected share price.
“I’d like to thank Hervé Sedky, Emerald’s CEO, for his strong stewardship of the business since joining the company early in the pandemic. He and his team have been wonderful partners to us and have positioned the business and its portfolio of events and other properties for continued success,” said Kosty Gilis, managing director, Onex Partners. “As a private company, we are confident that it will continue to grow and evolve, pursuing additional opportunities that will be available to it under Apollo Funds’ ownership.”
Apollo Managing Director Shahid Bosan added, “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, where industries come together to do business, build relationships, and make consequential decisions,” said “Bringing together Emerald and Questex would create a scaled, highly complementary platform that is well positioned to capture that demand. We believe the combined business will benefit from the strength of both organizations’ teams, differentiated content, deep customer relationships, and proven 365-day engagement model, giving the platform a distinct ability to serve its communities year-round and drive sustained growth.”
Goldman Sachs & Co. LLC acted as Emerald’s exclusive financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as its legal counsel.
Onex Partners was advised on the sale of its ownership stake by William Blair & Company and Solomon Partners.
Image courtesy Surf Expo/Emerald Holding Inc.
