International investment company Apollo Global Management has entered into an agreement to acquire Japanese glass manufacturer Nippon Sheet Glass for $3.7bn, Apollo said in a statement.
This is Apollo’s largest investment in the Japanese corporate sector. The deal is expected to close in about a year.
The agreement is structured to repay the Japanese company’s debt to local banks and convert its debt into equity to strengthen its balance sheet.
Nippon Sheet Glass supplies products to construction companies, automakers, and also makes sunscreen glass.
Nippon Sheet Glass shares jumped 20 per cent in value on Tuesday. The company’s market value has fallen 17.8 per cent since the beginning of the year.