(Updates with stock price movement in the headline and first paragraph.)

Bridge Investment Group (BRDG) shares were up more than 33% in recent trading Monday after the announcement that it will be acquired by Apollo Global Management (APO) for an equity value of $1.5 billion.

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.

Price: 148.85, Change: -1.70, Percent Change: -1.13