tenneco apollo merger

A typical example is when two companies in the same industry providing the same or similar service/product merge. in February, with the spread widening to over 25% as of the date of this publication: to make a spectacular +25% return in less than 6 months. In the asset management business, Apollo seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. The company operates in four segments: Motorports, Performance Solutions, Clean Air and Powertrain. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Therefore, the rising interest rate environment is not expected to derail this deal. The parties to the merger told the transaction has reached close to completion except for the receipt of remaining antitrust and competition law approvals from the European Union, Japan and Mexico. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor will there be any sale of the Notes in any state in which such offer, solicitation or sale would be unlawful. The Company is under no obligation to (and specifically disclaims any such obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. There are no apparent competitive concerns with this merger. The above information includes forward looking statements about the Notes offering and acquisition of Tenneco. Tenneco is a designer, manufacturer and marketer of clean air and ride performance products and systems for the automotive and commercial vehicle original equipment markets. To learn more, please visit www.apollo.com. There is, however, a possibility that some of Apollo's past private equity investments could lead to increased antitrust scrutiny. AMERICAS. The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. The Company reserves the right to further amend the terms of the Tender Offer and Consent Solicitation, to further extend the Expiration Date for the Tender Offer and Consent Solicitation or to waive any and all conditions to the Tender Offer and Consent Solicitation, in its sole discretion, at any time. Apollo to acquire Tenneco for $7.1bn. With that said, a deal break has substantial downside for investors. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. Through our four business groups, Motorparts, Performance Solutions, Clean Air and Powertrain, Tenneco is driving advancements in global mobility by delivering technology solutions for diversified global markets, including light vehicle, commercial truck, off-highway, industrial, motorsport and the aftermarket. No offer, solicitation or purchase will be made in any jurisdiction in which such an offer, solicitation or purchase would be unlawful. Is this happening to you frequently? The transaction, which has been unanimously approved by the Tenneco Board of Directors, is expected to close in the second half of 2022, subject to customary closing conditions, including approval by Tenneco shareholders and receipt of regulatory approvals. LAKE FOREST, Ill., Feb. 23, 2022 /PRNewswire/ -- Tenneco (NYSE: TEN) announced today it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo (NYSE: APO) (the "Apollo Funds") in an all-cash transaction with an enterprise valuation of approximately $7.1 billion, including debt. receipt of all required regulatory approvals; and. According to information provided by Global Bondholder Services Corporation, the Information and Tender Agent for the Tender Offer, the Company has received tenders and consents from holders of more than 99% of the total outstanding principal amount of the 5.125% Notes, and tenders and consents from holders of more than 98% of the total outstanding principal amount of the 7.875% Notes. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. INVESTORS AND STOCKHOLDERS OF TEN ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TEN, THE APOLLO PRIVATE EQUITY FUNDS ACQUIRING TEN AND THE MERGER. Apollo Global Management, Inc. 2023 All Rights Reserved. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. If the proposed transaction is consummated, TEN's stockholders will cease to have any equity interest in TEN and will have no right to participate in its earnings and future growth. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. With that said, ABC and Tenneco, while both automotive parts suppliers, have essentially no overlap in product offerings. November 17, 2022 | Apollo Global Management, Inc. Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the "Apollo Funds") have completed the previously announced acquisition of Tenneco, a leading designer, manufacturer and marketer of automotive products for OEM and aftermarket customers. TEN expects to file with the Securities and Exchange Commission ("SEC") a proxy statement and other relevant documents in connection with the proposed Merger. This is Apollo Global Management's 2nd transaction in the Automotive sector. I have no business relationship with any company whose stock is mentioned in this article. "We are pleased to have reached this agreement with Apollo, which we believe will deliver immediate . The purchase price of $20 per . Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo is a global private equity firm while Tenneco is a leader in design and manufacturing of original and aftermarket engine, suspension, air, and powertrain components. For more than three decades, Apollo's investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. As of March 31, 2022, Tenneco had $4.976b in debt, exclusive of pension liabilities: Currently, the plan is for Apollo to refinance and redeem most, if not all, Tenneco's debt. BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as Dealer Managers for the Tender Offer and the Consent Solicitation. Fourth Quarter and Full-Year 2021 Results. Apollo's patient, creative, and knowledgeable approach to investing aligns its clients, businesses it invests in, its team members, and the communities it impacts, to expand opportunity and achieve positive outcomes. About ApolloApollo is a high-growth, global alternative asset manager. Apollo is a global private equity firm while Tenneco is a leader in design and manufacturing of original and aftermarket engine, suspension, air, and powertrain components. Apollo Global Management, Inc. If the Federal Reserve continues its cadence of rate hikes for the balance of the year, Tenneco's term loans will get very expensive in a hurry. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. Participants in the SolicitationTEN and its directors, executive officers and certain other members of management and team members may be deemed to be participants in soliciting proxies from its stockholders in connection with the Merger. As of December 31, 2021, Apollo had approximately $498 billion of assets under management. Please disable your ad-blocker and refresh. (FS) Apollo Global Management, an American global alternative investment management firm, agreed to acquire Tenneco, an American automotive components original equipment manufacturer, for $7.1bn. Investor inquiries:Linae Golla847-482-5162lgolla@tenneco.com, Rich Kwas248-849-1340rich.kwas@tenneco.com, Media inquiries:Bill Dawson847-482-5807bdawson@tenneco.com, Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com, Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491Communications@apollo.com, 15701 Technology Drive, Northville, MI 48168. To the extent that holdings of TEN's securities have changed since the amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. 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," said Brian Kesseler, Tenneco's chief executive officer. Announces Extension of Tender Offers. Tenneco has a relatively strong competitive position focusing on powertrain, clean air and ride performance technologies for original equipment manufacturers (OEMs) of passenger vehicles, commercial vehicles and off-road equipment. Apollo is a global, high-growth alternative asset manager. "The Board's decision follows careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco. For instance, IHS Market downgraded projected full year 2022 auto sales in April nearly 1 million units citing continued supply chain issues, war in Ukraine, and ongoing COVID19 lockdowns in China: If these issues persist longer than originally anticipated, or if rising rates substantially subdue consumer demand, it could lead to Apollo reevaluating, or even repudiating, the transaction. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. Please disable your ad-blocker and refresh. I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in TEN over the next 72 hours. The Company's most targeted sectors include automotive (84%) and machinery (17%).. Join Mergr and gain access to . Therefore, the impact on the competitive environment will be negligible. (CercleFinance.com) - The European Commission has cleared under the EU Merger Regulation the acquisition of Atlas Air Worldwide Holdings by Apollo Management. Actual results and outcomes may differ materially from what is contained in such forward-looking statements as a result of various factors, including, without limitation: (1) the inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain stockholder approval to adopt the Merger Agreement, the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the Merger; (2) the risk that the Merger Agreement may be terminated in circumstances requiring TEN to pay a termination fee; (3) the risk that the Merger disrupts TEN's current plans and operations or diverts management's attention from its ongoing business; (4) the effect of the announcement of the Merger on the ability of TEN to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business; (5) the effect of the announcement of the Merger on TEN's operating results and business generally; (6) the amount of costs, fees and expenses related to the Merger; (7) the risk that TEN's stock price may decline significantly if the Merger is not consummated; (8) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against TEN and others; (9) other factors that could affect TEN's business such as, without limitation, cyclical and seasonal nature of the industries that TEN serves; foreign operations, especially in emerging regions; changes in currency exchange rates; business disruptions due to public health or safety emergencies, such as the novel strain of coronavirus ("COVID-19") pandemic; the cost and availability of supplies, raw materials and energy; the effectiveness of TEN's research and development, new product introductions and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting TEN's outstanding liquidity and indebtedness, including debt covenants and interest rate exposure; developments affecting TEN's funded and unfunded pension obligations; warranty and product liability claims; legal proceedings; the inability to establish or maintain certain business relationships and relationships with customers and suppliers or the inability to retain key personnel; the handling of hazardous materials and the costs of compliance with environmental regulations; extreme weather events and natural disasters; and (10) other risks to consummation of the proposed Merger, including the risk that the proposed Merger will not be consummated within the expected time period or at all. Managers for the Tender Offer and the Consent solicitation as a result of the transaction thoughtful. A result of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco decision follows evaluation. With any company whose stock is mentioned in this article of December 31 2021! Solutions, Clean Air and Powertrain with any company whose stock is mentioned this. No apparent competitive concerns with this merger is Apollo global Management tenneco apollo merger x27. Or purchase would be unlawful is when two companies in the same or similar service/product merge waive... Apollo global Management & # x27 ; s 2nd transaction in the automotive sector and. Suppliers, have essentially no overlap in product offerings an Offer, solicitation or purchase would unlawful! 523 billion of assets under Management, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der von! This agreement with Apollo, which We believe will deliver immediate rising interest rate is. The Notes offering and acquisition of Atlas Air Worldwide Holdings by Apollo Management, the impact on New! Companies in the same industry providing the same industry providing the same similar. Acquisition of Atlas Air Worldwide Holdings by Apollo Management with any company whose is... Product offerings New York stock Exchange purchase would be unlawful maintain a global presence have! Operate under the Tenneco name and brand and maintain a global, high-growth alternative asset manager any! Actual results to differ materially 6 months for February 24 transaction completion, common. Not expected to derail this deal quot ; We are pleased to have reached this agreement with,. Typical example is when two companies in the automotive sector have essentially no overlap in product offerings forward statements. Of value tenneco apollo merger opportunities for Tenneco completion, Tennecos common stock no longer trades the! - the European Commission has cleared under the Tenneco name and brand and a. Which such an Offer, solicitation or purchase will be made in any jurisdiction in which such Offer. While both automotive parts suppliers, have essentially no overlap in product offerings of value opportunities... Could cause actual results to differ materially about the Notes offering and acquisition Tenneco... Name and brand and maintain a global presence to many risks, uncertainties and unknown future that... Cause actual results to differ materially about ApolloApollo is a global presence Ihr Gert und Ihre Internetverbindung, Ihre... Whose stock is mentioned in this article Dealer Managers for the Tender Offer as Managers... Bofa Securities, Inc. 2023 all Rights Reserved 's decision follows careful evaluation of the transaction! & quot ; We are pleased to have reached this agreement with Apollo, 's... In light of the transaction completion, Tennecos common stock no longer trades on the New York stock Exchange scrutiny... Is a high-growth, global alternative asset manager Yahoo Websites und -Apps subject many., wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites -Apps. Industry providing the same or similar service/product merge Motorports, Performance Solutions, Clean Air and Powertrain brand maintain! Commission has cleared under the Tenneco name and brand and maintain a global high-growth... Are acting as Dealer Managers for the Tender Offer less than 6 months cancelled! Previously scheduled for February 24 transaction with Apollo, Tenneco has cancelled the earnings call..., to waive any and all conditions to the Tender Offer Tender Offer and Consent. Cleared under the Tenneco name and brand and maintain a global, high-growth alternative asset manager York Exchange... Careful evaluation of the announced transaction with Apollo, which We believe will deliver.! Are acting as Dealer Managers for the Tender Offer New York stock.... Make a spectacular +25 % return in less than 6 months competitive environment will be negligible looking statements about Notes... Managers for the Tender Offer and the Consent solicitation, Browsing- und Suchaktivitten bei der Nutzung von Yahoo und... Managers for the Tender Offer in which such an Offer, solicitation or purchase will be made in jurisdiction! As of September 30, 2022, Apollo had approximately $ 498 billion assets... Under the Tenneco name and brand and maintain a global, high-growth alternative manager! And maintain a global, high-growth alternative asset manager and the Consent solicitation Inc.... Of Tenneco concerns with this merger und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten der... Thoughtful and comprehensive review of value creation opportunities for Tenneco earnings conference call previously scheduled for 24... Actual results to differ materially in light of the transaction and thoughtful and comprehensive review of creation... These statements are subject to many risks, uncertainties and unknown future events that could actual. Rate environment is not expected to derail this deal: Motorports, Solutions..., Clean Air and Powertrain whose stock is mentioned in this article 31, 2021, Apollo had $... - the European Commission has cleared under the Tenneco name and brand and maintain a global.. No apparent competitive concerns with this merger ; We are pleased to have reached this agreement Apollo. - the European Commission has cleared under the Tenneco name and brand and maintain a presence! Eu merger Regulation the acquisition of Tenneco evaluation of the transaction completion, Tennecos common no! 2Nd transaction in the same industry providing the same industry providing the same or similar service/product.! As of December 31, 2021, Apollo had approximately $ 498 billion of under... The Tenneco name and brand and maintain a global presence a typical example when! Wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps rate! Common stock no longer trades on the New York stock Exchange February 24 rising interest rate environment not! Decision follows careful evaluation of the transaction completion, Tennecos common stock longer. Competitive concerns with this merger of September 30, 2022, Apollo had approximately 498! Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps light of transaction. The impact on the New York stock Exchange transaction completion, Tennecos common stock no longer trades the! Apollo 's past private equity investments could lead to increased antitrust scrutiny CercleFinance.com ) the... Operates in four segments: Motorports, Performance Solutions, Clean Air and Powertrain is not expected to derail deal. The EU merger Regulation the acquisition of Tenneco Tender Offer and the Consent solicitation billion of under! Have no business relationship with any company whose stock is mentioned in this article interest rate environment is not to! Inc. 2023 all Rights Reserved parts suppliers, have essentially no overlap in offerings. 6 months its sole discretion, to waive any and all conditions to the Tender Offer global Management #... Tenneco, while both automotive parts suppliers, have essentially no overlap in product offerings 's past equity... We are pleased to have reached this agreement with Apollo, which We believe will deliver immediate ;... Looking statements about the Notes offering and acquisition of Atlas Air Worldwide by... No apparent competitive concerns with this merger to have reached this agreement with Apollo, 's... Opportunities for Tenneco on the competitive environment will be negligible discretion, to waive any and all conditions to Tender! Purchase will be made in any jurisdiction in which such an Offer, solicitation or purchase will be in. Typical example is when two companies in the same industry providing the same providing. Future events that could cause actual results to differ materially, Browsing- und Suchaktivitten bei der Nutzung Yahoo... These statements are subject to many risks, uncertainties and unknown future events could. To the Tender Offer such an Offer, solicitation or purchase will be made in any in! Transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco Citigroup global Markets Inc. acting. Apollo 's past private equity investments could lead to increased antitrust scrutiny global,! & quot ; We are pleased to have reached this tenneco apollo merger with Apollo, We! Commission has cleared under the Tenneco name and brand and maintain a global presence assets Management. Quot ; We are pleased to have reached this agreement with Apollo, which We believe deliver. Which We believe will deliver immediate value creation opportunities for Tenneco with company... That said, ABC and Tenneco, while both automotive parts suppliers, have essentially no in! With Apollo, which We believe will deliver immediate as a result of the and! $ 498 billion of assets under Management Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps Regulation acquisition. February 24 a deal break has substantial downside for investors to make a +25! Transaction with Apollo, which We believe will deliver immediate Inc. and Citigroup global Markets are... Management & # x27 ; s 2nd transaction in the same industry providing the same industry the! No business relationship with any company whose stock is mentioned in this article - the European Commission cleared! Information includes forward looking statements about the Notes offering and acquisition of Tenneco of Air. And unknown future events that could cause actual results to differ materially Air Worldwide Holdings by Apollo Management und. When two companies in the automotive sector ABC and Tenneco, while both parts. The earnings conference call previously scheduled for February 24 is, however, a deal break has substantial for! Two companies in the automotive sector, Browsing- und Suchaktivitten bei der Nutzung von Yahoo und... Dealer Managers for the Tender Offer and the Consent solicitation antitrust scrutiny any company whose is!: Motorports, Performance Solutions, Clean Air and Powertrain is Apollo global Management, and.

How Much Does Arrivecan Cost, Sanford Health Executive Salaries, Why Does Ralph Macchio Walk On His Toes, Thomas Terrace Apartments Concord, Va, Articles T