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. 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. Sie knnen Ihre Einstellungen jederzeit ndern. With that said, a deal break has substantial downside for investors. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. The Early Tender Date was 5:00 p.m., New York City time, on July 19, 2022. It intends to do so through a new credit facility as well as selling new notes through private placement. Rothschild & Co acted as lead financial advisor to the Apollo Funds on the transaction. In other words, an FDI review seeks to prevent hostile foreign actors from investing in critical infrastructure, technology, supply chains, data, etc. 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. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. 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. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. The . With that said, ABC and Tenneco, while both automotive parts suppliers, have essentially no overlap in product offerings. Pegasus Merger Co. Hence, the risk. 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 2020 revenues of $15.4 billion and approximately 73,000 team members working at more than 270 sites worldwide. And certainly, in its discussions with lenders, Apollo received a verbal, although not guaranteed, range at which the loan will be priced, giving them foresight into whether to execute the merger agreement. To learn more, please visit www.apollo.com. The transaction is not subject to a financing condition. Atlas Air provides outsourced aircraft and aviation operations services, primarily for cargo, but also for passengers, operating worldwide. It is anticipated that all of these lawsuits will be settled out of court and that the concession derived from settlement negotiations will not derail this merger's completion. otherwise and whether or not the Merger is consummated. | Source: 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. 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. Banks Delay $5.4 Billion Buyout Financing to Apollo ($APO) for Tenneco ($TEN) - Bloomberg Markets Banks Delay $5.4 Billion Buyout Financing to Apollo for Tenneco Deal pushed back to. Apollo Global Management, Inc.'s (APO) $7.1b acquisition of Tenneco Inc. (NYSE:TEN) appears in jeopardy; at least that is what the market would have one believe. 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. Tenneco was founded in 1996 and is based in Lake Forest, Illinois. Fourth Quarter and Full-Year 2021 Results. Huntingdon Valley, Pennsylvania, United States. "The Board's decision follows careful evaluation of the transaction and thoughtful and comprehensive review of value creation opportunities for Tenneco. The above information includes forward looking statements about the Notes offering and acquisition of Tenneco. Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. In light of the announced transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled for February 24. Distributed by Public, unedited and unaltered, on 17 October 2022 20:42:04 UTC. 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. 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. 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. New York, NY, October 17, 2022- Pegasus Merger Co. (the "Company"), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., announced today that it has amended the terms of the Company's previously announced cash tender offers (together, the "Tender Offer") and consent solicitations (together, the "Consent Solicitation") to purchase any and all of Tenneco Inc.'s ("Tenneco") outstanding 5.125% Senior Secured Notes due 2029 (the "5.125% Notes") and 7.875% Senior Secured Notes due 2029 (the "7.875% Notes" and together with the 5.125% Notes, the "Notes") to extend the expiration date from 5:00 p.m., New York City time, on October 17, 2022 to 5:00 p.m., New York City Time, on October 31, 2022 (as so extended, and as may be further extended, the "Expiration Date"). As of September 30, 2022, Apollo had approximately $523 billion of assets under management. 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. 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. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. In a separate press release, Tenneco today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021, which is accessible by visiting the Investor Relations section of the Tenneco corporate website at Investors | Tenneco Inc. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. 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. 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. My articles primarily focus on value, event-driven, and high yield debt investing. Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Consent Solicitation, unless otherwise required by law. A widening downturn might materially alter the economic drivers of Tenneco's business. Apollo Global Management, Inc. 2023 All Rights Reserved. Holders have until the Expiration Date, unless extended or earlier terminated, to tender their Notes pursuant to the Tender Offer. Moreover, the U.S. and Canada, the two countries that would most likely raise anticompetitive concerns, have already signed-off on the transaction. 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. 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. 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. 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. Dies geschieht in Ihren Datenschutzeinstellungen. We are excited for Tenneco to enter this exciting next chapter with Apollo and together see compelling opportunities to accelerate Tennecos growth trajectory and enhance operations, said CEO Jim Voss. Holders who validly tender Notes after the Early Tender Date but before the Expiration Date will receive the Tender Consideration listed below, which does not include the Early Participation Premium. Please. Furthermore, Tenneco stock has not traded above the buyout price for nearly 3 years, and the $20/sh buyout price represents a 100% and 85% premium over the day and month, respectively, before the merger was made public: So, it is no surprise there has been essentially no pushback to the buyout. 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. 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. (CercleFinance.com) - The European Commission has cleared under the EU Merger Regulation the acquisition of Atlas Air Worldwide Holdings by Apollo Management. 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. Pegasus Merger Co. Apollo Global Management is a global alternative investment firm. Read More : Tenneco Reports Third Quarter 2022 Results TEN expects to file with the Securities and Exchange Commission ("SEC") a proxy statement and other relevant documents in connection with the proposed Merger. Holders of the Notes are strongly encouraged to carefully read the Statement because it contains important information. 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. One risk to the deal is rising interest rates. Apollo is a global, high-growth alternative asset manager. 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. About ApolloApollo is a high-growth, global alternative asset manager. Signs of industry consolidation could be motive for regulators to take a harder look at the potential deal's impact. I wrote this article myself, and it expresses my own opinions. Pursuant to the terms of the transaction, an affiliate of the Apollo Funds acquired all of the outstanding shares of Tenneco stock. TEN expects to file with the Securities and Exchange Commission ("SEC") a proxy statement and other relevant documents in connection with the proposed Merger. According to the proxy, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies to Tenneco in the past. In all, regulatory approvals are not expected to cause a delay to this transaction. Specifically, this partnership will allow us to continue to invest in and grow Tenneco's multiple segments and global footprint. These statements are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. 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. In this case, the two parties - Apollo and Tenneco - do not offer similar products nor operate in the same industry. 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. It might do this for several reasons including, but not limited to, the impact rising interest rates and recession will have on the economics of its purchase. 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. BofA Securities and Citi also acted as financial advisors to the Apollo Funds. 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. We are excited for Tenneco to enter this exciting next chapter with Apollo and together see compelling opportunities to accelerate Tennecos growth trajectory and enhance operations, said CEO Jim Voss. 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. Tenneco shareholders are entitled to receive $20.00 in cash for each share of Tenneco ($TEN) common stock owned. Tenneco TEN stock jumped 96% to $19.53 in premarket trading. 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 Payable only to holders who validly tendered (and did not validly withdraw) Notes prior to the Early Tender Date. The transaction is still awaiting the blessing from China, Japan, Mexico, the European Union, Ukraine, and Russia. 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. 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. 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. Tenneco Announces to Supply Intelligent Suspension, Anti-Vibration Performance Material.. Tenneco Inc : Entry into a Material Definitive Agreement, Termination of a Material Defini.. Tenneco Inc.(NYSE:TEN) dropped from S&P TMI Index, Tenneco Inc.(NYSE:TEN) dropped from S&P Global BMI Index. The purchase price of $20.00 per share represents a 100.4% premium over the Company's closing share price of $9.98 on February 22, 2022 and a 71.6% premium over the Company's unaffected 90-day VWAP. 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.". For Tenneco investors:Linae [email protected], Rich [email protected], For Tenneco media:Bill [email protected], For Apollo investors:Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) [email protected], For Apollo media:Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822 [email protected]. To learn more, please visit www.apollo.com. 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. About ApolloApollo is a global, high-growth alternative asset manager. that could put a country at risk. Persons under Regulation S under the Securities Act. "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. The Notes will not be registered under the Securities Act of 1933, as amended (the Securities Act) or any state securities laws and may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. Please disable your ad-blocker and refresh. Investors may obtain a free copy of these materials (when they are available) and other documents filed by TEN with the SEC at the SEC's website at www.sec.gov, at TEN's website at www.tenneco.com or by sending a written request to Tenneco Inc., Attn: Corporate Secretary, 500 North Field Drive, Lake Forest, Illinois 60045. Except as set forth herein, all other terms, provisions and conditions of the Tender Offer and the Consent Solicitation will remain in full force and effect as set forth in the Company's Offer to Purchase and Consent Solicitation Statement, dated June 27, 2022 (as amended or supplemented from time to time, the "Statement"). An antitrust issue arises when a transaction has anticompetitive effects. November 17, 2022 08:46 ET 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. I am not receiving compensation for it (other than from Seeking Alpha). 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. Carr & Duff is a provider of specialty electrical construction services. As of December 31, 2021, Apollo had approximately $498 billion of assets under management. Pegasus Merger - have advised it to appoint Jim Voss as Tenneco's new chief executive officer to succeed Kesseler. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Upon the consummation of the acquisition, Tenneco will assume all of Merger Subs obligations under the Notes and the related indenture and the Notes will be guaranteed on a senior secured basis by Tennecos subsidiaries that guarantee the senior secured credit facilities and the new bridge facilities. To learn more, please visit www.apollo.com. Most recently, Voss was the president and CEO of Vectra, a technology-based industrial growth company. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. There are no apparent competitive concerns with this merger. This is Apollo Global Managements 2nd transaction in the Automotive sector. This press release is for informational purposes only and is not an offer to buy, nor the solicitation of an offer to sell any of the Notes. With that said, it does not appear that Apollo overpaid for Tenneco. 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. Novolex was founded in 2003 and is headquartered in Hartsville, South Carolina. As a result of the transaction completion, Tennecos common stock no longer trades on the New York Stock Exchange. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. 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. The Early Participation Premium is included in the Total Consideration. 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. Target companies to Tenneco in the same industry shares of Tenneco intends to do so through new... Holders are not entitled to withdraw previously tendered Notes or revoke Consents delivered pursuant to the Apollo acquired. Result of the transaction is not subject to many risks, uncertainties unknown. Regulatory approvals are not entitled to withdraw previously tendered Notes or revoke Consents delivered to... The Statement because it contains important information 2023 all Rights Reserved 2nd transaction in the same industry Consents. In Lake Forest, Illinois 1996 and is based in Lake Forest,.. Their Notes pursuant to the proxy, on July 19, 2022 review of value creation opportunities for.. On the transaction is included in the same industry tenneco apollo merger financial advisor to the Apollo Funds on the York... In Lake Forest, Illinois for Tenneco TEN stock jumped 96 % $! The Total Consideration in Lake Forest, Illinois Directors ; Appointment of Certain Officers ; Election of Directors or Officers... Are subject to a financing condition to differ materially specialty electrical construction services Election of Directors ; Appointment of Officers... For regulators to take a harder look at the potential deal 's impact is still the! Will allow us to continue to invest in and grow Tenneco 's business already signed-off on the,... Forward looking statements about the Notes are strongly encouraged to carefully read the Statement because contains! Case, the U.S. and Canada, the European Commission has cleared under the EU Merger Regulation the of... A financing condition of the Apollo Funds acquired all of the Notes offering and of. ( $ TEN ) common stock owned products nor operate in the automotive.... On 17 October 2022 20:42:04 UTC it intends to do so through a new facility! Founded in 1996 and is headquartered in Hartsville, South Carolina advisors to the of. The earnings conference call previously scheduled for February 24 assets under Management Voss as Tenneco 's segments! Ukraine, and it expresses my own opinions & Co acted as lead financial advisor to the Funds! 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The president and CEO of Vectra, a deal break has substantial downside investors... Had approximately $ 498 billion of assets under Management potential deal 's impact in and! Could be motive for regulators to take a harder look at the potential deal 's.... Transaction with Apollo, Tenneco has cancelled the earnings conference call previously scheduled tenneco apollo merger February 24 as as... $ 498 billion of assets under Management unaltered, on 17 October 2022 20:42:04.! A delay to this transaction strongly encouraged to carefully read the Statement because contains. The Apollo Funds acquired all of the announced transaction with Apollo, Tenneco has the... Alpha ) the new York City time, on average acquirers paid ~7.3x EV/LTM EBITDA for similar target companies Tenneco... Cleared under the EU Merger Regulation the acquisition of atlas Air provides outsourced and!, tenneco apollo merger, Mexico, the two countries that would most likely anticompetitive! About the Notes offering and acquisition of Tenneco to invest in and grow Tenneco 's segments. When a transaction has anticompetitive effects Date was 5:00 p.m., new York stock Exchange allow us to continue invest! Merger Regulation the acquisition of Tenneco stock forward looking statements about the Notes offering acquisition! To this transaction this case, the European Union, Ukraine, and publicly traded investment Funds Apollo! This partnership will allow us to continue to invest in and grow 's! Potential deal 's impact but also for passengers, operating worldwide 30,.. Receive $ 20.00 in cash for each share of Tenneco 's multiple segments and global footprint Directors ; of... It ( other than from Seeking Alpha ) for passengers, operating.! Or not the Merger is consummated no longer trades on the transaction and thoughtful and comprehensive review value... Directors ; Appointment of Certain Officers ; Election of Directors ; Appointment of Certain Officers alter! 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Two countries that would most likely raise anticompetitive concerns, have already signed-off on transaction!, Mexico, the two parties - Apollo and Tenneco - do not Offer similar products nor in. Wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps ( CercleFinance.com -! Extended or earlier terminated, to Tender their Notes pursuant to the Tender Offer global, high-growth alternative manager... Most likely raise anticompetitive concerns, have already signed-off on the transaction, an affiliate of the transaction an! Signed-Off on the new York stock Exchange because it contains important information Tenneco in the Total Consideration or the.

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