A New York-based asset management firm is swooping in to acquire a growing Utah-based real estate firm in a massive deal that will pull it off the stock market. Apollo Asset Management announced Monday it entered into a "definitive agreement" to acquire Bridge Investment Group,

Key Takeaways Bridge Investment Group Holdings agreed to be purchased by investment firm Apollo Global Management for $1.5 billion, and shares took off.The agreement gives Bridge investors Apollo shares worth about $11.

Apollo Global Management is acquiring Bridge Investment Group for $1.5 billion. Marc Rowan is ready to take a bigger bite out of real estate. The deal is expected to double Apollo’s real estate assets under management, pushing the number past $110 billion.