08:20 AM EST, 02/24/2025 (MT Newswires) -- Apollo Global Management ( APO ) will acquire Bridge Investment Group ( BRDG ) for an equity value of $1.5 billion, the companies said Monday.

BRDG shares were over 31% higher while APO shares were moving 0.2% higher in recent premarket activity.

Under the agreement, Bridge shareholders will receive 0.07081 shares of Apollo stock for each Bridge share, valued at $11.50 per share, the companies said. Apollo expects the deal, slated to close in Q3, to be immediately accretive to its fee-related earnings, according to the joint statement.

Bridge, which will become a private company after the deal closes, will operate as a standalone platform within Apollo and retain its management team, according to the statement.