Apollo to Acquire Emerald in $5.03/Share Take-Private Deal
Summary
Emerald Holding, Inc. has entered into a definitive merger agreement to be acquired by affiliates of Apollo for $5.03 per share in cash, taking the company private. This highly material event provides a fixed cash exit for EEX shareholders. The transaction has secured approval from majority stockholders affiliated with Onex and is backed by $760 million in equity commitments from Apollo and $1.24 billion in debt financing from a syndicate of lenders. The deal is subject to customary closing conditions, including antitrust clearances, and traders will monitor the spread for arbitrage opportunities until completion.
At the time of this announcement, EEX was trading at $5.09 on NYSE in the Trade & Services sector, with a market capitalization of approximately $904.4M. The 52-week trading range was $3.32 to $5.45. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Wiseek News.