Tenneco (TEN) Agrees to Go Private in $1.6 Billion Sale to Apollo (APO)

Tenneco Inc.’s agreement to go private through a plan led by Apollo Global Management Inc. gives the maker of mufflers and aftermarket auto parts a chance to move past years of upheaval with the help of new investors.

Apollo and its private equity affiliates will pay $20 a share, almost twice Tenneco’s Feb. 22 closing price, the companies said in a statementBloomberg Terminal Wednesday. Based on the number of shares outstanding, the cash transaction has an equity value of about $1.6 billion. The companies valued the deal at $7.1 billion including debt.

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