Apollo (APO.US) acquires all the shares of Bridge (BRDG.US) for 1.5 billion US dollars, expanding its real estate footprint.

Apollo Global Management Inc (APO.US) and Bridge Investment (BRDG.US) jointly announced on Monday that they have officially signed a definitive agreement. According to the agreement, Apollo Global Management Inc will acquire Bridge Investment in an all-stock transaction, with the equity value of the deal approximately $1.5 billion. Under the specific terms of the transaction, shareholders of Bridge and unit holders of Bridge OpCo will receive 0.07081 shares of Apollo Global Management Inc for each share of Bridge Class A common stock and each unit of Bridge OpCo Class A common stock. This arrangement values both parties at $11.50 per share. An important component of this acquisition is that Bob Morse, the Executive Chairman of Bridge, will join Apollo Global Management Inc as a partner and Head of Real Estate Equity after the completion of the transaction. Following the completion of the transaction, Bridge will continue to operate as an independent platform within Apollo Global Management Inc's asset management framework. This arrangement allows Bridge to retain its existing brand, management team, and professional capital formation team to ensure business continuity and stability. According to the company, Bridge Investment currently manages approximately $50 billion in high-quality real estate product assets under management (AUM), primarily serving institutional clients and wealth clients. Apollo Global Management Inc expects that this acquisition will generate significant synergies with its existing real estate equity strategies and real estate credit platforms, further solidifying and expanding its market position in the real estate sector. It is worth noting that as the transaction has not been finalized, Bridge Investment has decided to cancel its earnings conference call and webcast for the fourth quarter and full year of 2024 scheduled for February 25, 2025.