Apollo and Bridge Investment Group Holdings Inc. announced that Apollo has completed the previously announced acquisition of Bridge in an all-stock transaction. As a platform company within Apollo’s asset management business, Bridge will retain its existing brand, management and investment teams and dedicated capital formation team.
Apollo Partner and Co-Head of Equity David Sambur said, “Completing the acquisition of Bridge marks an important step for Apollo’s real estate business, providing immediate scale in real estate equity and strengthening our ability to originate across secular growth areas of the market. Bridge has built an incredible organization with deep investment talent, specialized operating expertise and strong investor relationships. Combined with our existing real estate capabilities, we believe this positions us to deliver for clients across market cycles with a full-service platform.”
Bridge Executive Chairman Bob Morse said, “Joining Apollo marks an exciting new chapter for Bridge, which enables us to build on the strengths that we have developed over more than 15 years with the resources and strategic guidance of one of the world’s foremost alternative asset managers. With Apollo’s support, we see significant opportunity to expand and diversify our investment verticals, enhance our capital formation capabilities and drive value for our investors. We look forward to working together to build one of the industry’s premier real estate investment franchises.”
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Pursuant to the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders are entitled to receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively. As a result of the completion of the acquisition, Bridge’s common stock has ceased trading on the New York Stock Exchange.
BofA Securities, Citi, Goldman, Sachs & Co. LLC, Morgan Stanley & Co. LLC and Newmark Group served as financial advisors, Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel and Sidley Austin LLP acted as insurance regulatory counsel to Apollo. J.P. Morgan Securities LLC served as financial advisor to Bridge and Latham & Watkins LLP acted as legal counsel. Lazard served as financial advisor to the special committee of the Bridge Board of Directors and Cravath, Swaine & Moore LLP acted as legal counsel.
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