- Tenneco shares were skyrocketing Wednesday after the automotive parts manufacturer said it would be acquired and taken private by Apollo Funds for $7.1 billion, including debt. The deal comes just one day after another parts maker, Meritor, was bought.
Tenneco agrees to be acquired by Apollo (APO) funds for purchase price of $20.00/share in cash
- Tenneco has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo in an all-cash transaction with an enterprise valuation of approx. $7.1 bln, including debt.
- The purchase price of $20.00/share represents a 100.4% premium over the company's closing share price of $9.98 on February 22 and a 71.6% premium over the company's unaffected 90-day VWAP.
- Upon completion of the transaction, Tenneco's shares will no longer trade on the NYSE, and Tenneco will become a private company. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence.
- The transaction, which has been unanimously approved by the Tenneco Board of Directors, is expected to close in the second half of 2022.
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