M&A Deal Summary

Apollo Global Management Acquires Tenneco

On February 23, 2022, asset manager Apollo Global Management acquired automotive company Tenneco for 7.1B USD

Acquisition Highlights
  • This is Apollo Global Management’s 2nd transaction in the Automotive sector.
  • This is Apollo Global Management’s 8th largest (disclosed) transaction.
  • This is Apollo Global Management’s 86th transaction in the United States.
  • This is Apollo Global Management’s 2nd transaction in Michigan.

M&A Deal Summary

Date 2022-02-23
Target Tenneco
Sector Automotive
Buyer(s) Apollo Global Management
Deal Type Going Private
Deal Value 7.1B USD
Advisor(s) Lazard (Financial)
Latham & Watkins (Legal)

Target

Tenneco

Northville, Michigan, United States
Entrance to Tenneco's corporate headquarters in Lake Forest, Illinois.
Entrance to Tenneco's corporate headquarters in Lake Forest, Illinois.
Tenneco is a designer, manufacturer and marketer of clean air and ride performance products and systems for the automotive and commercial vehicle original equipment markets. Tenneco was founded in 1996 and is based in Northville, Michigan.

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Buyer(S) 1

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 120 of 151
Sector: Automotive M&A 2 of 3
Type: Going Private M&A Deals 26 of 31
State: Michigan M&A 2 of 2
Country: United States M&A 86 of 108
Year: 2022 M&A 2 of 10
Size (of disclosed) 8 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-14 Novolex

Charlotte, North Carolina, United States

Novolex is a manufacturer of paper and plastic flexible packaging products. Novolex serves customers across foodservice, grocery, retail, and industrial end markets with a diverse product portfolio including retail and specialty bags, food packaging products, and a broad range of specialty films and laminated products. Novolex was founded in 2003 and is headquartered in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-15 Carr & Duff

Huntingdon Valley, Pennsylvania, United States

Carr & Duff is a specialty electrical services provider of value added electrical construction and maintenance services to commercial, institutional, utility and industrial clients. Carr & Duff was founded in 1958 and is based in Huntingdon Valley, Pennsylvania.

Buy -