Bridge stockholders and unit holders will receive 0.07081 shares of Apollo stock for each share held, valued at $11.50 per share, representing a 45% premium over Bridge’s last closing price. Bridge’s shares surged 34% in premarket trading. The acquisition will enhance Apollo’s real estate equity platform and origination capabilities in real estate equity and credit. Bridge, founded in 2009 and publicly listed in 2021, manages approximately $50 billion in assets with over 300 investment professionals. Apollo aims to manage $1 trillion in assets by 2026 and $1.5 trillion by 2029. Post-acquisition, expected in the third quarter, Bridge will function as a standalone entity within Apollo’s asset management division. Bridge Executive Chairman Bob Morse will join Apollo as a partner leading its real-estate equity business. — news from Reuters
