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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.