Announcement • Sep 03
Apollo Global Management, Inc. (NYSE:APO) completed the acquisition of Bridge Investment Group Holdings Inc. (NYSE:BRDG).
Apollo Global Management, Inc. (NYSE:APO) entered into a definitive agreement to acquire Bridge Investment Group Holdings Inc. (NYSE:BRDG) for $480 million on February 23, 2025. Under the agreement, Apollo agreed to acquire Bridge in an all-stock transaction with an equity value of approximately $1.5 billion. Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive, at closing, 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively. The Bridge Class B common stock holders will receive 0.00006 shares of Apollo common stock for each share of Class B common stock. Upon the closing of the transaction, Bridge will operate as a standalone platform within Apollo’s asset management business, retaining its existing brand, management team and dedicated capital formation team. Bob Morse will become an Apollo Partner and lead Apollo’s real estate equity franchise. Subject to and upon completion of the transaction, shares of Bridge common stock will no longer be listed on the New York Stock Exchange and Bridge will become a privately held company. Bridge Investment will be required to pay Parent a termination fee of $45,000,000 in case of termination of the merger.
The transaction is subject to customary closing conditions for transactions of this nature, including approval by a majority of the Class A common stock and Class B common stock of Bridge, voting together, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the effectiveness of the registration statement to be filed by Parent with the SEC pursuant to the Merger Agreement, the approval for listing on the New York Stock Exchange of the shares of the Parent common stock to be issued as merger consideration in connection with the Mergers, subject to official notice of issuance and the receipt of regulatory approvals. Acting upon the recommendation of the Special Committee of independent directors, the Bridge Board of Directors unanimously approved the merger agreement. The transaction is expected to close in the third quarter of 2025. Certain members of Bridge management and their affiliates, collectively owning approximately 51.4% of the outstanding voting power of the Class A common stock and Class B common stock of Bridge, have entered into voting agreements in connection with the transaction and have agreed to vote in favor of the transaction in accordance with the terms therein. On May 14, 2025, the Registration Statement was declared effective by the SEC. On June 17, 2025 approved the deal by shareholder of Bridge Investment Group Holdings Inc.
BofA Securities, Citi, Goldman, Sachs & Co. LLC, Morgan Stanley & Co. LLC and Newmark Group are acting as financial advisors, Ross Fieldston, Joseph Glatt, Ian Hazlett, David Hepp, Matthew Collin, Robert Tananbaum, Christodoulos Kaoutzanis, Gregory Ezring, Matthew Goldstein, Danielle Penhall, Aaron Schlaphoff, Reva Raghavan (London), Manuel Frey, Marco Masotti, Brian Janson, Patricia Vaz de Almeida and Jason Tyler; Christopher Gonnella, Jean McLoughlin and Jarrett Hoffman, Jake Glazeski and Bruce Goldberger; Brian Grieve and Brad Okun; Salvatore Gogliormella, Matthew Dulak and Ida Nowaid, Ruobing Chen; Claudine Meredith-Goujon; Gregory Laufer, Andre Bouchard, Andrew Ehrlich and Janus Schutte, Pietro Signoracci; Charles Crandall, John Magruder and James Parkinson (London) of Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsels and Perry J. Shwachman, Andrew R. Holland and Michael D. Devins of Sidley Austin LLP is acting as insurance regulatory counsels to Apollo. Andrew Bab and Sarah Jacobson of Debevoise & Plimpton LLP has advised J.P. Morgan Securities. J.P. Morgan Securities LLC is serving as financial advisor and fairness opinion provider to Bridge and Craig Garner, Kevin Reyes, Owen Alexander, Jason Morelli, Jenn Wong, Nadia Sager, David Moore, Rachel Bates, Achraf Farraj, Margaret Linkous, Gary Axelrod, Adam Kestenbaum, Jamie Lynn Walter, Ben Berman, Jason Cruise, Peter Todaro, Michelle Gross, Colleen Smith, Kristin Murphy; Andrea Ramezan-Jackson, Christine Mainguy, Matthew Salerno; Ruchi Gill, Chris Norton; Gary Boss, Kirsten Gaeta, Alexander Traum; Jason Licht and Christopher Bezeg of Latham & Watkins LLP is acting as legal counsels. Lazard Freres & Co. LLC is serving as financial advisor as well as fairness opinion provider to the special committee of the Bridge Board of Directors and G.J. Ligelis Jr., Lauren Angelilli, Andrew T. Davis, Matthew J. Bobby, Arian Mossanenzadeh, David J. Kappos, Matthew Morreale and Joyce Law of Cravath, Swaine & Moore LLP is acting as legal counsels. D.F. King & Co., Inc. acted as an information agent to Bridge Investment Group. Equiniti Trust Company, LLC acted as a tranfer agent to Apollo.
Apollo Global Management, Inc. (NYSE:APO) completed the acquisition of Bridge Investment Group Holdings Inc. (NYSE:BRDG) on September 2, 2025.
