A New York-based asset management firm, Apollo Asset Management, has entered into an “all-stock transaction” to acquire Bridge Investment Group, a Utah-based real estate firm, in a deal valued at approximately $1.5 billion. Under the agreement, Bridge will be delisted from the stock market and operate as a standalone platform under Apollo.
Bridge Investment Group was founded in 2009 and has grown significantly, employing over 300 people and managing assets worth $49.2 billion as of September 2024. The deal is expected to be completed later this year, with Bridge retaining its branding and employees. Executive chairman Bob Morse will lead Apollo’s real estate equity franchise and become an Apollo partner.
Once the acquisition is finalized, Bridge will join Apollo’s over $750 billion in assets under management. The firm’s portfolio includes various properties across the US, such as the Post District project in Salt Lake City, which utilizes opportunity zones to create economic growth and jobs in underserved communities.
The acquisition marks a significant expansion for Apollo, aligning with its strategic focus on growing its origination base in key areas of its business. The deal is seen as a major move by Bridge Investment Group, which will allow the company to pursue meaningful value and impact for its investors and communities under Apollo’s leadership.
Source: https://www.ksl.com/article/51260757/utah-real-estate-investment-group-acquired-by-new-york-firm-in-15b-deal