By Dean Seal
Shares of Bridge Investment Group soared after Apollo Global Management said it would buy the real-estate investment firm in a $1.5 billion deal.
The stock was up 34% at $10.62 in premarket trading. Shares were changing hands at about $7.26 this time a year ago.
Apollo said Monday morning that it would acquire Bridge for about $1.5 billion in stock, confirming an earlier report by The Wall Street Journal. The deal values Bridge shares at $11.50 apiece.
The transaction will nearly double Apollo's real-estate assets under management to more than $110 billion.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 24, 2025 09:08 ET (14:08 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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