Onex Partners Exits Emerald in $1.5B Apollo Deal — ONEX Corporation

Event summary

Onex Partners sells Emerald Holding Inc. to Apollo Funds for $1.5B, exiting its 90% stake.
Emerald will delist from NYSE and become private under Apollo ownership.
Transaction expected to close in H2 2026, subject to regulatory approvals.
Onex Partners III and V will receive full liquidity on their positions.
Emerald is a B2B event organizer with trade shows, conferences, and peer networks.

The big picture

Onex Partners' exit from Emerald comes as private equity firms increasingly target event management companies, betting on the sector's recovery post-pandemic. With $59.2B in AUM, Onex continues to monetize its portfolio, while Apollo expands its holdings in B2B services. The $1.5B valuation reflects Emerald's position as a leading player in curated business events, though the deal's success hinges on Apollo's ability to drive growth in a competitive market.

What we're watching

Private Equity Strategy: How Apollo plans to grow Emerald as a private company, leveraging its scale in event management.
Industry Consolidation: Whether this deal signals further consolidation in the fragmented B2B events sector.
Execution Risk: The pace at which Apollo can integrate Emerald and realize synergies post-closing.