Apollo to Acquire Bridge Investment Group in $1.5 Billion Real Estate Expansion

Apollo Global Management Inc. has agreed to acquire Bridge Investment Group Holdings Inc. in an all-stock transaction valued at approximately $1.5 billion. The acquisition aligns with Apollo’s strategy to strengthen its presence in the real estate sector.

Under the terms of the deal, Apollo will exchange 0.07081 of its stock for each Bridge share, pricing Bridge at roughly $11.50 per share. Based in Salt Lake City, Bridge manages about $50 billion in real estate assets, catering to institutional and wealth management clients.

Strategic Expansion in Real Estate

The acquisition reflects growing confidence among large asset managers that commercial real estate is stabilizing following the downturn triggered by the pandemic. Last month, Blackstone Inc. President Jon Gray suggested that global office market valuations had likely reached their lowest point and were set for recovery.

According to Moody’s Ratings analyst Neal Epstein, the deal aligns with Apollo’s objectives to expand its wealth management offerings and enhance its real estate portfolio. Bridge is among the largest private equity real estate managers, with $22 billion in fee-paying assets under management.

Bridge’s Market Position and Leadership Transition

Founded in 2009, Bridge invests in a range of real estate and adjacent asset classes, including renewable energy infrastructure and mortgage-backed securities. The company went public in 2021 and reached a peak market capitalization of nearly $2.8 billion before experiencing a decline in share value.

As part of the acquisition, Robert Morse, Bridge’s Executive Chairman, will join Apollo as a partner and lead its real estate equity division. Bridge will continue operating as an independent platform within Apollo’s asset management business.

Completion Timeline and Recent Acquisitions

The transaction is expected to close in the third quarter of the year, pending regulatory approvals and customary closing conditions.

Apollo has been actively expanding its investment footprint. In January, the firm announced the acquisition of Argo Infrastructure Partners, adding $6 billion in assets. More recently, its affiliate, Redding Ridge Asset Management, agreed to acquire collateralized loan obligation manager Irradiant Partners LP.

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