Apollo to Acquire Bridge Investment for $1.5B
The deal is expected to close in the third quarter.
Apollo has entered into a definitive agreement to acquire Bridge Investment Group Holdings Inc. The deal is an all-stock transaction with an equity value of about $1.5 billion, anticipated to close in the third quarter of this year.
Bridge will function as an independent platform within Apollo’s asset management division, keeping its brand, management team and capital formation team. Executive Chair Bob Morse will join Apollo as a partner and head the real estate equity franchise.
Founded in 2009, Bridge had approximately $50 billion in residential and industrial assets under management as of December. The company, which went public in July 2021, will expand Apollo’s real estate equity platform and boost its origination capabilities in both real estate equity and credit.
Apollo Global Management aims to more than double its assets under management from about $700 million to $1.5 trillion by the end of 2029, according to the Financial Times. Additionally, the company plans to increase its annual debt originations to $275 billion within the same timeframe.
Strategic advisors for the agreement
BofA Securities, Citi, Goldman, Sachs & Co. LLC, Morgan Stanley & Co. LLC and Newmark Group are acting as financial advisors, while Paul, Weiss, Rifkind, Wharton & Garrison LLP provides legal counsel and Sidley Austin LLP is acting as insurance regulatory counsel to Apollo.
J.P. Morgan Securities LLC is serving as financial advisor to Bridge, while Latham & Watkins LLP is acting as legal counsel. Lazard is working as financial advisor to the special committee of the Bridge Board of Directors and Cravath, Swaine & Moore LLP is acting as legal counsel.
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