Apollo Funds Complete Acquisition of Tenneco
17 November 2022 - 2:46PM
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. Veteran executive Jim Voss has been
appointed CEO of Tenneco, effective immediately and as previously
announced.
“We are excited for Tenneco to enter this exciting next chapter
with Apollo and together see compelling opportunities to accelerate
Tenneco’s growth trajectory and enhance operations,” said CEO Jim
Voss. “I look forward to leading the talented team at Tenneco and
serving our customers and partners around the world.”
“We’re pleased to complete this acquisition and support Jim and
the management team in making strategic investments across product
categories to accelerate growth and deliver innovative customer
solutions,” said Apollo Partner Michael Reiss.
Voss brings significant experience in industrial manufacturing,
with more than 25 years of experience in the specialty materials
industry and having served as an operating partner to Apollo Funds
since 2012. Most recently, Voss was the president and CEO of
Vectra, a technology-based industrial growth company.
Pursuant to the terms of the transaction, an affiliate of the
Apollo Funds acquired all of the outstanding shares of Tenneco
stock. Tenneco shareholders are entitled to receive $20.00 in cash
for each share of Tenneco ($TEN) common stock owned. As a result of
the transaction completion, Tenneco’s common stock no longer trades
on the New York Stock Exchange.
About TennecoTenneco is one of the world's
leading designers, manufacturers, and marketers of automotive
products for original equipment and aftermarket customers, with
full year 2021 revenues of $18 billion and approximately 71,000
team members working at more than 260 sites worldwide. 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.
About ApolloApollo is a high-growth, global
alternative asset manager. In our asset management business, we
seek to provide our clients excess return at every point along the
risk-reward spectrum from investment grade to private equity with a
focus on three investing strategies: yield, hybrid, and equity. For
more than three decades, our investing expertise across our fully
integrated platform has served the financial return needs of our
clients and provided businesses with innovative capital solutions
for growth. 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. Our patient, creative, and
knowledgeable approach to investing aligns our clients, businesses
we invest in, our employees, and the communities we impact, to
expand opportunity and achieve positive outcomes. As of September
30, 2022, Apollo had approximately $523 billion of assets under
management. To learn more, please visit www.apollo.com.
Contact Information
For Tenneco investors:Linae
Golla847-482-5162lgolla@tenneco.com
Rich Kwas248-849-1340rich.kwas@tenneco.com
For Tenneco media:Bill
Dawson847-482-5807bdawson@tenneco.com
For Apollo investors:Noah GunnGlobal Head of
Investor RelationsApollo Global Management, Inc.(212)
822-0540IR@apollo.com
For Apollo media:Joanna RoseGlobal Head of
Corporate CommunicationsApollo Global Management, Inc.(212) 822
0491Communications@apollo.com
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