Apollo Funds to buy Tenneco for $7.1 billion - Breaking The News
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Apollo Funds to buy Tenneco for $7.1 billion

EPA/MAURITZ ANTIN

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.

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