Tenneco Inc agrees to takeover by private-equity firm Apollo Global Management Inc for $1.64 billion in cash, according to a press release by Tenneco on Wednesday.

  • On an enterprise basis, the deal is worth $7.1 billion after considering Tenneco’s long-term debt of $5.02 billion as of December 31.
  • The purchase of a price of $20 per share accounts for 100.4% over the company’s closing share price of $9.98 on February 22.
  • Upon finalization of the deal, shares of Tenneco will no longer trade on the New York Stock Exchange and will become a private company. Tenneco will continue operations under the Tenneco name and brand and maintain an international presence.
  • Brian Kesseler, Tenneco’s chief executive officer stated that the transaction marks a significant milestone and will provide us a new and exciting platform to continue global strategy in an evolving and dynamic mobility ecosystem.

The deal is expected to be finalized in the second half of 2022, subject to customary closing conditions and regulatory approvals. TEN up +96.19%, Pre-market trading