Tenneco has entered an agreement to be acquired by Apollo Funds, a private asset management company, in an all-cash transaction valued at approximately $7.1 billion.
When the transaction is completed, Tenneco will become a private company whose shares will no longer trade on the New York Stock Exchange. The company will continue to operate under the Tenneco name and brand, however.
Tenneco is the parent company of DRiV, which includes more than 30 aftermarket brands covering shocks and struts, steering and suspension, braking, sealing, engine, emissions, and maintenance. Brands include Öhlins, Champion, Moog, QuickSteer, Wagner, Fel-Pro, and more.
“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,” said Dennis Letham, Chairman of the Board of Tenneco.
For more information, visit tenneco.com.