Real Estate
Apollo Expands in Real Estate With $1.5 Billion Bridge Deal
- All-stock purchase broadens Apollo’s real estate capabilities
- Deal is sign of asset managers betting on property rebound
This article is for subscribers only.
Apollo Global Management Inc. agreed to buy Bridge Investment Group Holdings Inc. for about $1.5 billion in an all-stock deal as the asset manager expands in real estate.
Apollo agreed to pay 0.07081 of its stock for every Bridge share held, according to a statement Monday. That values Bridge at about $11.50 per share. The Salt Lake City-based firm manages about $50 billion in assets in real estate products, targeting institutional and wealth clients.