Apollo Global Management (APO) will acquire Bridge Investment Group (BRDG) for an equity value of $1.5 billion, the companies said Monday.
BRDG shares were over 31% higher while APO shares were moving 0.2% higher in recent premarket activity.
Under the agreement, Bridge shareholders will receive 0.07081 shares of Apollo stock for each Bridge share, valued at $11.50 per share, the companies said. Apollo expects the deal, slated to close in Q3, to be immediately accretive to its fee-related earnings, according to the joint statement.
Bridge, which will become a private company after the deal closes, will operate as a standalone platform within Apollo and retain its management team, according to the statement.
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