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New York-based asset management firm, Apollo Asset Management, is acquiring Utah's Bridge Investment Group in a $1.5 billion deal that will take the latter off the stock market. The acquisition, announced Monday, involves an all-stock transaction where Bridge shareholders and unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock or unit.

    Bridge Investment Group, founded in 2009, has grown to employ over 300 people and manage $49.2 billion in assets as of September 2024. Under the agreement, Bridge will retain its branding and employees, with executive chairman Bob Morse becoming an Apollo partner tasked with leading its real estate equity franchise.

    The deal is expected to be completed later this year, after which Bridge will be pulled off the New York Stock Exchange and become a standalone platform under Apollo. The acquisition aligns with Apollo's strategy of expanding its origination base in growing areas not yet at scale.

    Bridge's portfolio includes various properties across the US, including the Post District in Salt Lake City, a massive mixed-use project featuring hundreds of units and multiple business spaces. The company's founders aimed to create a full neighborhood using opportunity zones, which offer tax benefits for creating economic growth and jobs in underserved communities.

    Once finalized, the acquisition will bring Bridge under Apollo's umbrella, joining over $750 billion in assets managed by the New York company.