Apollo and Bridge Investment Group Holdings have entered into a definitive agreement for Apollo to acquire Bridge in an all-stock transaction with an equity value of approximately $1.5 billion. Bridge has $50 billion of AUM in complementary sectors aligned with Apollo’s long-term growth strategy. Bridge’s seniors housing portfolio totals 62 communities and 6% of its fee-earning AUM comes from seniors housing, while Apollo’s “retirement services unit” reported earnings of $841 million.
At closing, Bridge stockholders and Bridge OpCo unitholders will receive .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.
Bridge will operate as a standalone platform within Apollo’s asset management business, retaining its existing brand, management team and capital formation team. Bob Morse will become an Apollo Partner and lead Apollo’s real estate equity franchise.
Acting upon the recommendation of a special committee of independent directors for Bridge, the Bridge Board of Directors approved the merger agreement. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions. Shares of Bridge common stock will then no longer be listed on the NYSE and Bridge will become a privately held company.
BofA Securities, Citi, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Newmark Group are acting as financial advisors. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as 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 and Latham & Watkins LLP is acting as legal counsel. Lazard is serving as financial advisor to the special committee of the Bridge Board of Directors and Cravath, Swaine & Moore LLP is acting as legal counsel.
