Apollo Funds, managed by affiliates of Apollo Global Management Inc., will acquire Tenneco Inc., a company that designs, produces and markets automotive products for original equipment, the companies announced on Wednesday.
The all-cash transaction includes Tenneco's debt and is valued at $7.1 billion, or $20 per share. Tenneco will become a private company when the deal is closed and will no longer be on the New York Stock Exchange but will keep its "name and brand and maintain a global presence."
The deal is expected to be finalized in the second half of the year upon receiving regulatory and shareholder approval.