EEX Emerald Holding, Inc.
Price Chart
Executive Summary
Apollo-managed funds have agreed to acquire Emerald Holding, Inc. for $5.03 per share in cash, representing a 42.1% premium to the unaffected share price and implying an estimated enterprise value of approximately $1.5 billion. The transaction will be financed with $760M in equity from Apollo affiliates and $1.24B in debt facilities, and Emerald will be combined with Questex to create a scaled B2B events platform. The deal is expected to close in H2 2026, subject to regulatory approvals and customary conditions.
Key Financial Metrics
Actionable Insight
The deal is fully financed and has locked-up support from Onex (90%+ holder), making completion highly probable. The stock should trade near the $5.03 offer price minus a small regulatory/timing discount. Monitor HSR and other antitrust approvals as key gating items; any material delay or regulatory pushback could create a wider spread. The combined entity with Questex creates a scaled platform, but there is no public information on Questex deal terms or combined financials.
Key Facts
- All-cash acquisition at $5.03 per share, a 42.1% premium to unaffected price of $3.54
- Implied enterprise value of approximately $1.5 billion
- Onex, holding over 90% of shares, has already delivered written consent approving the merger
- Equity commitment of $760M from Apollo affiliates; debt financing of $1.24B committed by six banks
- Emerald to be combined with Questex to create a B2B events platform with ~160 events
- Closing expected in H2 2026; termination date set for September 9, 2026 with possible extensions
- Company termination fee of $84M; parent termination fee of $84M
- Quarterly dividend of $0.015 per share declared for Q2 2026
Financial Impact
$5.03 per share cash consideration, ~$1.5B enterprise value, 42.1% premium to unaffected price
Risk Factors
- Regulatory approval under HSR Act and other antitrust laws could delay or block the transaction
- Marketing period and debt financing conditions could extend timeline beyond September 2026
- Shareholder litigation or appraisal demands could create friction or delay
- Integration risk with Questex combination post-close
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-215652 |
| Document: d22741dex101.htm | 0001193125-26-215652 |
| Document: d22741d8k.htm | 0001193125-26-215652 |
| Document: d22741dex991.htm | 0001193125-26-215652 |
| Document: 0001193125-26-215652-index-headers.html | 0001193125-26-215652 |
| Document: 0001193125-26-215652-index.html | 0001193125-26-215652 |
| Document: 0001193125-26-215652.txt | 0001193125-26-215652 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 11, 2026
4w ago
|
8-K
| $4.99 $4.99 | · 0.00% | ▲ +0.09% | $5.02 (+0.60%) |
|
Mar 13, 2026
13w ago
|
8-K
| $4.06 $4.46 | ▲ +9.83% | ▲ +11.95% | $5.02 (+23.76%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access