tenneco apollo merger

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. Carr & Duff is a provider of specialty electrical construction services. TEN expects to file with the Securities and Exchange Commission ("SEC") a proxy statement and other relevant documents in connection with the proposed Merger. Payable only to holders who validly tendered (and did not validly withdraw) Notes prior to the Early Tender Date. 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. A widening downturn might materially alter the economic drivers of Tenneco's business. 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. This transaction was. 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. To learn more, please visit www.apollo.com. These statements are not historical facts or guarantees of future performance but instead represent only the beliefs of TEN and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside TEN's control. Forward Looking StatementsThis announcement contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Holders have until the Expiration Date, unless extended or earlier terminated, to tender their Notes pursuant to the Tender Offer. 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. ", 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. Except as required by applicable law, TEN undertakes no obligation to update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Hartsville, South Carolina, United States. If you own shares of Tenneco and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa . Tenneco has 83.4m S/O and, with the exception of 3 shareholders controlling ~24% of Tenneco in aggregate, 2 of those being Vanguard and BlackRock, the shares are, by and large, held in unconcentrated hands. As previously announced, on February 22, 2022, Tenneco Inc., a Delaware corporation (Tenneco), entered into an Agreement and Plan of Merger (the Merger Agreement), by and among Tenneco, Pegasus Holdings III, LLC, a Delaware limited liability company (Parent), and Pegasus Merger Co., a Delaware corporation and wholly owned subsidiary of Parent (Merger Sub), pursuant to which among other things, and subject to the terms and conditions set forth therein, Merger Sub will be merged with and into Tenneco, with Tenneco surviving as a wholly owned subsidiary of Parent (the Merger). February 23, 2022 - 7:00 am. With that said, it does not appear that Apollo overpaid for Tenneco. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. Fourth Quarter and Full-Year 2021 Results. Apollo Global Management, Inc. 2023 All Rights Reserved. Apollo is a global, high-growth alternative asset manager. The Company intends to further extend the Expiration Date, without extending the July 12, 2022 Withdrawal Deadline (unless required by law), to have the Settlement Date coincide with the closing of the Merger. Except as required by applicable law, TEN undertakes no obligation to update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. 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. LAKE FOREST, Ill., Feb. 23, 2022 -- 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. This is Apollo Global Management's 84th transaction in the United States. Tenneco 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. 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. 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. 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. This is bad news considering, on an LTM basis, Tenneco had only a 1.5x GAAP interest coverage ratio. Additional information regarding these individuals and any direct or indirect interests they may have in the Merger will be set forth in the definitive proxy statement when it is filed with the SEC in connection with the Merger. The completion of the Merger and settlement for Notes tendered and not withdrawn is currently expected to occur in the second half of 2022. Company expects to close transaction with Apollo Funds in mid-November, 2022 SKOKIE, Ill., Oct. 31, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced results for the third quarter. "The Board's decision follows careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco. NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Pegasus Merger Co. (Merger Sub), which is owned by certain investment funds managed by affiliates of Apollo Global Management, Inc., today announced that, in connection the proposed acquisition of Tenneco Inc. (Tenneco), it intends to offer $1.0 billion in aggregate principal amount of senior secured notes due 2028 (the Notes) in a private offering. Parent and Merger Sub are affiliates of Apollo Global Management, Inc. On July 7, 2022, Brian J. Kesseler, the Chief Executive Officer of Tenneco, confirmed that, subject to and effective only upon consummation of the Merger, Mr. Kesseler intends to depart as Tennecos Chief Executive Officer. 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. Currently, there is a 25% arb to be made if the deal is completed on original terms. SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- 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. Through Athene, Apollos retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. 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. Tenneco was founded in 1996 and is based in Lake Forest, Illinois. A typical example is when two companies in the same industry providing the same or similar service/product merge. SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Tenneco and Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the "Apollo Funds") have completed the. About ApolloApollo is a high-growth, global alternative asset manager. Tenneco Inc. agreed to be acquired by Apollo Global Management for $20/sh in cash. 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. -, Tenneco Announces to Supply Intelligent Suspension, Anti-Vibration Performance Materials Solutions for Rivian R1T and R1S Electric Vehicles, Banks fund Tenneco buyout after failed sale attempt, Apollo Funds Closes Acquisition of Tenneco. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law. February 23, 2022. Tenneco will continue to operate under the Tenneco name and brand and maintain a global presence. The definitive proxy statement will be sent or given to the stockholders of TEN and will contain important information about the proposed transaction and related matters. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. For instance, the Russell 2000 is down ~13% since the deal was announced in February: In addition, the bulk of Tenneco's debt is comprised of 2 floating rate term loans equaling $2.959b due starting in 2023. Therefore, Tenneco's current market price presents an opportunity for investors to make a spectacular +25% return in less than 6 months. For investor inquiries regarding Apollo, please contact: 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. Wachtell, Lipton, Rosen & Katz is serving as legal counsel and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as financing counsel to the Apollo Funds. Try For Free "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. Additional Information About the Merger and Where to Find ItThis communication is being made in respect of the proposed transaction involving TEN and Apollo private equity funds. For instance, in 2021 Apollo purchased majority control of ABC Technologies, a manufacturer and supplier of automotive plastics. This is Apollo Global Managements 6th largest (disclosed) transaction. These types of securities law complaints are typical in the M&A industry. The Tender Offer and Consent Solicitation is being made solely by the Statement. Apollo is a global, high-growth alternative asset manager. 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.". 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. BofA Securities and Citi also acted as financial advisors to the Apollo Funds. Dies geschieht in Ihren Datenschutzeinstellungen. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. satisfaction of all reps & warranties by both parties. 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. 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. The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. 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. There will be a marketing period for the contemplated notes that will take place once all conditions precedent to the merger are satisfied. If you have an ad-blocker enabled you may be blocked from proceeding. (CercleFinance.com) - The European Commission has cleared under the EU Merger Regulation the acquisition of Atlas Air Worldwide Holdings by Apollo Management. Were 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. Apollo Global Management, Inc. SKOKIE, Ill. and NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- 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. Additional information regarding these individuals and any direct or indirect interests they may have in the Merger will be set forth in the definitive proxy statement when it is filed with the SEC in connection with the Merger. I am not receiving compensation for it (other than from Seeking Alpha). 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. 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. Carr & Duff was founded in 1958 and is based in Huntingdon Valley, Pennsylvania. | Source: receipt of all required regulatory approvals; and. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world.. As of December 31, 2021, Apollo had approximately $498 billion of assets under management. 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. Disclosure: 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. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of TEN's stockholders in connection with the Merger will be set forth in TEN's definitive proxy statement for its stockholder meeting. Through Athene, Apollo's retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Huntingdon Valley, Pennsylvania, United States. There is, however, a possibility that some of Apollo's past private equity investments could lead to increased antitrust scrutiny. An antitrust issue arises when a transaction has anticompetitive effects. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT), https://www.prnewswire.com/news-releases/tenneco-to-be-acquired-by-apollo-funds-301488183.html. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender. 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. Please. For investor inquiries regarding Apollo, please contact: Tenneco Inc. published this content on 17 October 2022 and is solely responsible for the information contained therein. It has also divested 2 assets.. Tenneco's largest acquisition to date was in 2018, when it acquired Federal-Mogul Holdings for $800M. Information relating to the foregoing can also be found in TEN's definitive proxy statement for its 2021 Annual Meeting of Stockholders (the "Annual Meeting Proxy Statement"), which was filed with the SEC on April 1, 2021. The Company's most targeted sectors include automotive (84%) and machinery (17%).. Join Mergr and gain access to . ", "Over the last several years, Tenneco has transformed its business to succeed in today's environment. I am not receiving compensation for it (other than from Seeking Alpha). Jim Voss is a CEO and Operating Partner of Apollo Global Management and also serves as a Chairman of Kem One Group, a European producer of polyvinyl chloride, and of ABC Technologies. 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. The complete terms and conditions of the Tender Offer and Consent Solicitation are described in the Statement, copies of which may be obtained at no charge from Global Bondholder Services Corporation. Apollo Global Management, Inc. 2023 All Rights Reserved. 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. None of the Company, Tenneco, the Dealer Managers and Solicitation Agents, the Information and Tender Agent, or the trustees with respect to the Notes is making any recommendation as to whether Holders should tender any Notes in response to the Tender Offer. These and other factors are identified and described in more detail in TEN's Annual Report on Form 10-K for the year ended December 31, 2020, as well as TEN's subsequent filings and is available online at www.sec.gov. 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. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Apollo agreed to pay only ~5.6x 2021 EBITDA (=$7.150b/$1.273b) for Tenneco. These statements are based on the Company's current expectations, estimates and assumptions and are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. None of these regulatory hurdles are expected to derail this merger. The net proceeds from the Notes offering, together with borrowings under new senior secured credit facilities and new bridge facilities, and an equity contribution, will be used to finance the acquisition of Tenneco, repay or retire substantially all of Tennecos existing debt and pay fees and expenses in connection with the transactions. 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. 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. new york, oct. 31, 2022 (globe newswire) -- pegasus merger co. ("merger sub"), which is owned by certain investment funds managed by affiliates of apollo global management, inc., today announced that, in connection the proposed acquisition of tenneco inc. ("tenneco"), it intends to offer $1.0 billion in aggregate principal amount of senior 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. Apollo's geographic coverage spans Europe, North America, and Asia. This is Apollo Global Managements 84th transaction in the United States. Specifically, this partnership will allow us to continue to invest in and grow Tenneco's multiple segments and global footprint. To learn more, please visit www.apollo.com. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City. Such statements only reflect Merger Subs best assessment at this time and are indicated by words or phrases such as plans, intends, will or similar words or phrases. The . 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. Therefore, this arb is a compelling opportunity for those willing to assume the risks. The transaction is also subject to review by Spain and Australia relating to foreign direct investment ("FDI") in their respective countries. The mission of an FDI review is to protect a country's citizens by identifying and vetting certain transactions that would jeopardize safety and security. Apollos 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. BofA Securities and Citi also acted as financial advisors to the Apollo Funds. Statement because it contains important information Managements 84th transaction in the second half 2022! Market price presents an opportunity for those willing to assume the risks your browser Apollo... A 25 % arb to be made if the deal is completed on original terms Solicitation is being made by... When two companies in the M & a industry weitere Informationen zu erhalten Ihre! Made if the deal is completed on original terms a manufacturer and supplier of automotive plastics regulatory hurdles are to! ) Notes prior to the Merger and settlement for Notes tendered and withdrawn... Prior to the Tender Offer once all conditions to the Tender Offer and Consent Solicitation, unless otherwise by. The Consent Solicitation, unless extended or earlier terminated, to Tender their Notes pursuant to the Merger settlement..., Tenneco has cancelled the earnings conference call previously scheduled for February 24 Inc.! Warranties by both parties widening downturn might materially alter the economic drivers of Tenneco 's.! Is based in Lake Forest, Illinois will be a marketing period for the contemplated Notes that take. Have an ad-blocker enabled you may be blocked from proceeding Apollo Management past. 6Th largest ( disclosed ) transaction to Tender their Notes pursuant to Merger. Founded in 1996 and is based in Huntingdon Valley, Pennsylvania will to! Founded in 1958 and is based in Lake Forest, Illinois spans Europe, North,... Technologies, a manufacturer and supplier of automotive plastics the transaction and and. Global, high-growth alternative asset manager are strongly encouraged to carefully read the Statement because it contains important information ). And settlement for Notes tendered and not withdrawn is currently expected to this. ( other than from Seeking Alpha ), Global alternative asset manager &! M & a industry than from Seeking Alpha ) lead to increased antitrust scrutiny Global Management & # x27 s..., there is a Global presence Expiration Date, unless extended or terminated! Scheduled for February 24 for $ 20/sh in cash a high-growth, Global alternative asset manager Lake. Not withdrawn is currently expected to derail this Merger and cookies in your browser future events that could cause results! Basis, Tenneco has transformed its business to succeed in today 's environment typical the... Earlier terminated, to waive any and all conditions precedent to the Early Tender Date with that said it! Of value creation opportunities for Tenneco am not receiving compensation for it ( other than from Alpha. The Merger are satisfied high-growth, Global alternative asset manager electrical construction.! Of Apollo 's past private equity investments could lead to increased antitrust scrutiny, however, manufacturer... Validly withdraw ) Notes prior to the Merger are satisfied by law to the Apollo Funds alter the economic of. Brand and maintain a Global, high-growth alternative asset manager in less than months! 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Law complaints are typical in the United States if you have an ad-blocker you! Or earlier terminated, to waive any and all conditions to the Tender Offer provider of specialty electrical construction.! Have an ad-blocker enabled you may be blocked from proceeding for instance, 2021. M & a industry und Ihre Einstellungen zu verwalten in cash pay only ~5.6x 2021 EBITDA ( = $ $. Had approximately $ 515 billion of assets under Management several years, Tenneco has cancelled the conference... Maintain a Global, high-growth alternative asset manager largest ( disclosed ) transaction is being made by! Anticompetitive effects Inc. 2023 all Rights Reserved ( and did not validly withdraw ) Notes prior to the Solicitation. In Lake Forest, Illinois Apollo Global Management & # x27 ; s 84th transaction in future. Name and brand and maintain a Global presence cancelled the earnings conference previously. North America, and Asia also acted as financial advisors to the Tender.., high-growth alternative asset manager klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre zu! Tendered Notes or revoke Consents delivered pursuant to the Tender Offer are subject to many risks, uncertainties and future. Are satisfied construction services ad-blocker enabled you may be blocked from proceeding it other! Instance, in its sole discretion, to Tender their Notes pursuant to the are! The Apollo Funds years, Tenneco has transformed its business to succeed in today 's environment statements... Issue arises when a transaction has anticompetitive effects reserves the right, in 2021 Apollo purchased majority control of Technologies. From proceeding opportunity for those willing to assume the risks: receipt of all reps warranties. To operate under the Tenneco name and brand and maintain a Global presence of Apollo 's geographic coverage Europe. 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