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Apollo affiliates to buy a Mitsubishi Chemical unit for $759 million - Financial Markets Worldwide

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ReutersStock Markets57 minutes ago (Sep 30, 2021 03:36AM ET)

© Reuters. FILE PHOTO: Marc Rowan, co-founder and then-senior managing director, Apollo Global Management, takes part in a panel discussion Beverly Hills, California April 29, 2014. REUTERS/Kevork Djansezian/File Photo

(Reuters) -U.S. private equity firm Apollo Global Management (NYSE:) said funds managed by its affiliates will buy Mitsubishi Chemical’s thermal and emission control protection materials business.

The deal, which is expected to close by March 2022, marks Apollo’s second private equity fund investment in Japan, it said in a statement.

Mitsubishi Chemical said in a separate statement that the transfer price is 85 billion yen ($759 million).

The Japanese chemicals producer expects a profit of approximately 54 billion yen from the deal.

($1 = 112 yen)

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