Apollo Global Management, Inc., through funds managed by its affiliates, agreed to acquire Emerald Holding, Inc., a U.S.-based leader in business-to-business trade shows, conferences and experiential events, in an all-cash take-private transaction. Under the terms of the Agreement and Plan of Merger, Emerald stockholders will receive five dollars and three cents per share in cash, representing a premium of approximately forty-two percent to Emerald's unaffected share price as of December 15, 2025 (the trading day prior to Emerald's public announcement that it was considering strategic alternatives), and implying an estimated closing enterprise value of approximately one and a half billion U.S. dollars. The transaction was effected through Emma Buyer, LLC and Emma Merger Sub, Inc., newly formed Apollo-controlled entities, with Merger Sub merging with and into Emerald and Emerald surviving as a wholly owned subsidiary of Parent. Onex Corporation, which beneficially owns more than ninety percent of Emerald's outstanding shares, entered into a support agreement and delivered a written consent in favor of the transaction, eliminating the need for a separate stockholder vote. Apollo arranged equity financing of approximately seven hundred and sixty million U.S. dollars and committed debt facilities of more than one and two-tenths billion U.S. dollars to fund the merger consideration and refinance Emerald's existing debt. The agreement contains reciprocal termination fees of eighty-four million U.S. dollars. Concurrently, Apollo also agreed to acquire privately held Questex, LLC, with the intention of combining Emerald and Questex into a single North American B2B experiential events and media platform spanning approximately one hundred and sixty events. Upon closing, Emerald's common stock will be delisted from the New York Stock Exchange and Emerald will become a private company.