Apollo Takes Major Step with Bridge Investment Group Deal
Apollo Completes Acquisition of Bridge Investment Group
NEW YORK and SALT LAKE CITY — Apollo (NYSE: APO) and Bridge Investment Group Holdings Inc. have announced the successful completion of Apollo's acquisition of Bridge in an all-stock transaction. This merger positions Bridge well within Apollo's asset management framework, allowing it to maintain its existing brand and management team.
Significance of the Acquisition
Apollo Partner and Co-Head of Equity, David Sambur, expressed that the acquisition of Bridge is a pivotal moment for Apollo’s real estate sector. He noted that it not only provides immediate scalability but also enhances their ability to originate opportunities in key growth sectors. With Bridge's established investment talent and operational expertise, Apollo aims to deliver exceptional service to its clients across various market cycles.
Bridge's Executive Perspective
Bob Morse, the Executive Chairman of Bridge, remarked on the acquisition as an exciting evolution for their organization. With more than 15 years of experience, he sees this collaboration as a chance to leverage Apollo's resources and strategic direction to broaden their investment focuses and enhance value for their investors.
Understanding the Transaction Details
The acquisition stipulates that Bridge stockholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock, valuing it at approximately $11.50 per share. This completion also marks the cessation of trading for Bridge's common stock on the New York Stock Exchange.
Advisory Teams Behind the Deal
Apollo was supported by financial advisors such as BofA Securities, Citi, and Goldman Sachs among others, with Paul, Weiss, Rifkind, Wharton & Garrison LLP providing legal counsel. Meanwhile, J.P. Morgan Securities served as the financial advisor for Bridge.
Apollo's Growth and Future Vision
Apollo is recognized as a leading global alternative asset manager. Its operations focus on generating high returns for clients by navigating the full spectrum of investment risks, from investment-grade credit to private equity. With approximately $840 billion in assets under management, as of the latest reports, Apollo leverages its extensive expertise to meet the financial needs of its clients and offer innovative capital solutions.
Bridge's Role as Part of Apollo
Bridge, also affiliated with Apollo, manages around $50 billion in assets across a variety of asset classes. Positioned strategically within Apollo’s robust structure, it benefits from a nationwide operation and specialized teams dedicated to specific real estate investment sectors.
Contact Information
For inquiries regarding Apollo, please reach out to:
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
ir@apollo.com
For Bridge, please contact:
Bonni Rosen Salisbury
Head of Shareholder Relations
Bridge Investment Group Holdings Inc.
shareholderrelations@bridgeig.com
Frequently Asked Questions
What is the significance of Apollo acquiring Bridge Investment Group?
This acquisition enhances Apollo's real estate capabilities, providing immediate scale and access to Bridge's investment expertise.
How will the acquisition affect Bridge’s operations?
Bridge will continue to operate under its brand while benefiting from the strategic resources and support provided by Apollo.
What financial advisors supported this deal?
Financial advisors included BofA Securities, Citi, Goldman Sachs, and others, contributing to the deal's legal and financial framework.
What are the terms of the stock exchange for Bridge shareholders?
Bridge shareholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock.
What is Apollo's vision going forward?
Apollo aims to leverage its comprehensive investment strategy to continue driving growth and delivering value for its clients and stakeholders.
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