Tenneco Acquired by Private Company
Tenneco has been acquired by Apollo Funds, a private asset management company, in an all-cash transaction with a valuation of approximately $7.1 billion, the company announced.
Upon completion of the transaction, Tenneco’s shares will no longer trade on the New York Stock Exchange, and Tenneco will become a private company and continue to operate under the Tenneco name and brand.
Tenneco is the parent company of DRiV, which includes brands like Monroe Intelligent Suspension, Öhlins, Champion, Wagner and more.
“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 Dennis Letham, chairman of the Board of Tenneco. “The Board’s decision follows 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.”
“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,” said Brian Kesseler, Tenneco’s chief executive officer. “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.”
