M&A · Industrials · Motor Vehicle Parts & Accessories
Apollo Global Management, Inc. to acquire Tenneco Inc
Announced Feb 23, 2022 · Closed Nov 17, 2022
Deal value$7.10BEV $7.10B
Premium100.4%To unaffected price
EV / Adj. EBITDA4.8x0.4x EV / Revenue
ConsiderationAll cash$20.00 per share
Transaction
- Acquirer
- Apollo Global Management, Inc. (APO)
- Target
- Tenneco Inc
- Buyer type
- Private equity
- Offer price per share
- $20.00
- Enterprise value
- $7.10B
- Status
- Closed Nov 17, 2022
Deal protections
- Break fee (target pays)
- $54.0M · 0.8%
- Reverse fee (buyer pays)
- $108M · 1.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Rothschild & Co, BofA Securities, Citigroup
- To the target
- Lazard
- Lazard fee
- $42.0M
Sector context · Industrials
- Comparable deals
- 56 in the prior 24 months
- Premium
- 100.4% vs. 46.8% sector median
- EV / Adj. EBITDA
- 4.8x vs. 11.1x sector median
- Break fee
- 0.8% vs. 2.8% sector median
Timeline
- AnnouncedFeb 23, 2022
- Proxy filedMar 15, 2022
- Definitive proxyApr 26, 2022
- Shareholder voteJun 7, 2022
- ClosedNov 17, 2022
Valuation · fairness opinions
Trading comparables$9.70$27.60
Precedent transactions$11.30$25.90
Discounted cash flow$15.15$29.00
Leveraged buyout$11.10$22.50
Offer $20.00
Implied value per Tenneco Inc share by analysis, from Lazard.