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 7th largest (disclosed) transaction.
  • This is Apollo Global Management’s 86th transaction in the United States.
  • This is Apollo Global Management’s 6th transaction in Illinois.

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

Lake Forest, Illinois, 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 Lake Forest, Illinois.

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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 45.0B 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 140
Sector (Automotive) 2 of 3
Type (Going Private) 26 of 31
State (Illinois) 6 of 8
Country (United States) 86 of 101
Year (2022) 2 of 9
Size (of disclosed) 7 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-14 Novolex

Hartsville, South 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 Hartsville, South Carolina.

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

Huntingdon Valley, Pennsylvania, United States

Carr & Duff is a provider of specialty electrical construction services. Carr & Duff was founded in 1958 and is based in Huntingdon Valley, Pennsylvania.

Buy -
Mergr

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