Apollo's Emerald–Questex Deal: Which Operating Model Wins?
In this episode of Deal Alchemist, Xpertegic Partners breaks down Apollo Global Management's simultaneous acquisition of Emerald Holding and Questex, and what it reveals about choosing an operating model when two companies are bought at the same time.
Apollo did not buy a platform and bolt an add-on onto it. In May 2026 it agreed to acquire both companies through separate transactions, closed them together in July, and launched Forge as the combined corporate parent 36 days later. Emerald was the larger asset at an enterprise value of roughly $1.5 billion. Questex sold for an undisclosed sum…
The skinny
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