Apollo Global to buy auto-parts maker Tenneco in $7.1 bln deal (updated)

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23/02/2022 12:21

(Adds details, background)
    Feb 23 (Reuters) - U.S. auto-parts maker Tenneco Inc  TEN.N 
said on Wednesday it had agreed to be bought by private-equity
firm Apollo Global Management Inc  APO.N  in a $7.1 billion
deal, including debt.
    Tenneco shares nearly doubled in value and were trading
slightly below the offer price of $20 before the bell.
    It is the second multi-billion dollar deal in the auto parts
sector in as many days, after Cummins Inc  CMI.N  offered to buy
Meritor Inc  MTOR.N  for $2.58 billion.

 (Reporting by Aishwarya Nair in Bengaluru; Editing by Anil
D'Silva)
 ((Aishwarya.Nair@thomsonreuters.com; +91-8067494421;))