{"id":18713,"date":"2022-02-23T07:09:49","date_gmt":"2022-02-23T15:09:49","guid":{"rendered":"https:\/\/marketdepth.com\/?p=18713"},"modified":"2022-02-23T07:09:51","modified_gmt":"2022-02-23T15:09:51","slug":"apollo-funds-to-acquire-tenneco","status":"publish","type":"post","link":"https:\/\/marketdepth.com\/apollo-funds-to-acquire-tenneco\/","title":{"rendered":"Apollo Funds to Acquire Tenneco"},"content":{"rendered":"\n

Tenneco (NYSE: TEN) has reported<\/a> entry into a definitive agreement to be acquired by funds managed by affiliates of Apollo (NYSE: APO) in an all-cash transaction with a valuation of USD 7.1 Billion, including debt.\u00a0 The purchase price of USD 20 per share represents a 100.4% premium over the company\u2019s closing share value of USD 9.98 on February 22nd, 2022.\u00a0 At the completion of the transaction, Tenneco shares will cease trading on the New York Stock Exchange as the company will become a private company.\u00a0 “We are pleased to have reached this agreement with Apollo, which we believe will deliver immediate and certain cash value to Tenneco shareholders at a substantial premium,” said\u00a0Dennis Letham, Chairman of the Board of Tenneco. “The Board’s decision follows a careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco. We believe this transaction is the right path forward and achieves our goal of maximizing value for Tenneco shareholders, and will benefit our team members, customers and business partners around the world.”\u00a0<\/p>\n\n\n\n

“Over the last several years, Tenneco has transformed its business to succeed in today’s environment. This transaction marks a significant milestone and will provide us with a new and exciting platform from which we can continue our global strategy in an evolving and dynamic mobility landscape. In Apollo, we have a partner that recognizes the strength of our product portfolio and our ability to serve leading OEM and aftermarket blue-chip customers globally. Specifically, this partnership will allow us to continue to invest in and grow Tenneco’s multiple segments and global footprint. This transaction is also a testament to the achievements of our global team, whose commitment and focus during these extraordinary times have enabled our success.”<\/p>Brian Kesseler, Tenneco’s chief executive officer<\/cite><\/blockquote>\n\n\n\n

Apollo Partner Michael Reiss said, “Tenneco is a key solutions provider for global mobility markets with a long-held commitment to innovation and high-quality service. We look forward to working with the Tenneco team to build on the strong foundation in place today, investing across their platform and product categories for growth and delivering innovative solutions for customers.”<\/p>\n\n\n\n

The transaction has been approved by the Tenneco Board of Directors and is expected to close within the second half of 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"Tenneco (NYSE: TEN) has reported entry into a definitive agreement to be acquired by funds managed by affiliates of Apollo (NYSE: APO) in an all-cash transaction with a valuation of USD 7.1 Billion, including debt.\u00a0 The purchase price of USD 20 per share represents a 100.4% premium over the company\u2019s closing share value of USD… View Article<\/a>","protected":false},"author":3,"featured_media":18714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":0,"footnotes":""},"categories":[31,17,11,16],"tags":[],"acf":[],"yoast_head":"\nApollo Funds to Acquire Tenneco - MarketDepth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/marketdepth.com\/apollo-funds-to-acquire-tenneco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apollo Funds to Acquire Tenneco - MarketDepth\" \/>\n<meta property=\"og:description\" content=\"Tenneco (NYSE: TEN) has reported entry into a definitive agreement to be acquired by funds managed by affiliates of Apollo (NYSE: APO) in an all-cash transaction with a valuation of USD 7.1 Billion, including debt.\u00a0 The purchase price of USD 20 per share represents a 100.4% premium over the company\u2019s closing share value of USD... 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