Bridge Investment Group (BRDG) stock rocketed higher today after Apollo Global Management (APO) announced it will spend roughly $1.5 billion to

(Reuters) -Alternative asset manager Apollo Global Management will buy real estate firm Bridge Investment Group for about $1.5 billion in an all-stock deal, expanding its real estate offerings. Bridge stockholders and unit holders of its subsidiary will each receive 0.

Apollo Global Management Inc. has become one of the largest private-equity firms in the world by focusing on equity and debt investments as well as managing assets for the insurance sector. Compared with rival Blackstone Inc.

A group of term loan lenders, along with GA Group, a liquidation firm backed by Oaktree Capital Management, won an auction to acquire assets of bankrupt fabric and crafts retailer Joann and plan to shutter all of its stores.

Fabric chain Joann is going out of business and closing all 800 stores, marking the end of the 82-year-old company that was once the leading destination for DIY and crafts enthusiasts. The company employs 19,