Tenneco being taken private in $7.1 billion deal

Automotive parts maker Tenneco is being taken private by funds managed by affiliates of private equity firm Apollo in an all-cash deal valued at about $7.1 billion. The transaction includes the assumption of Tenneco’s debt. Apollo will pay $20 per Tenneco Inc. share. Tenneco will continue to operate under its name and brand. The deal is expected to close in the second half of the year and it still needs approval from Tenneco shareholders.