Bridge Investment Group Stock Soars 35% as Apollo Global Buys Firm for $1.5B | Global News Avenue

Bridge Investment Group holds (brdg) Stocks soared 35% on Monday as real estate investment firms agreed to be purchased by Apollo Global Management (apo) for $1.5 billion.

The deal calls on bridge shareholders and bridge OPCO unit holders to acquire 0.07081 shares of Apollo shares, about $11.50 per share. This is a 45% premium to Bridge’s closing price on Friday.

The two companies said the acquisition will allow Apollo to “immediately reach its real estate equity platform and enhance Apollo’s initiation capabilities in real estate equity and credit, which is expected to benefit Apollo’s growing suite of hybrid and real estate products. ”

The agreement will operate as an independent platform in Apollo’s asset management business. The company’s existing brand, management team and dedicated capital formation team will remain the same. The deal is expected to close in the third quarter, and Bridge will no longer hold its fourth-quarter earnings call.

After the news, Bridge Investment Holdings shares have increased by more than a third of its value and are now growing by about 50% over the past year. Shares of Apollo Global Management fell about 1.5%, although they were 33% higher than the same period last year.