By Kosaku Narioka and Megan Cheah
Apollo Global Management has agreed to acquire Nippon Sheet Glass, marking its largest private-equity investment in Japan to date, totaling about $3.7 billion in enterprise value.
The U.S. asset manager said late Monday that its funds would invest equity to support the Japanese company's financial position and long-term growth.
Apollo said that Nippon Sheet's principal lenders would effectively swap a portion of their outstanding loans for equity to shore up its balance sheet.
The U.S. asset manager expects the Japanese company to capture rising demand for architectural glass, automotive glazing and solar products thanks to its manufacturing capabilities and deep customer relationships.
The move is Apollo's fifth private-equity fund investment in Japan, with prior deals including a takeover of Panasonic's auto parts business.
Advances in corporate governance spurred by Japanese government initiatives are helping drive up dealmaking activity in the country. According to a report by Bain & Co., Japan was the sole market in the region to report growth in both private-equity deal values and volume last year.
The Apollo-Nippon Sheet transaction is expected to be completed by around March next year, subject to approval by Nippon Sheet shareholders and customary closing conditions.
Nippon Sheet said Tuesday that it would issue new shares worth 165 billion yen, equivalent to $1.04 billion, to an Apollo entity and that major lenders would effectively swap Y140 billion of their debt for equity.
The Japanese company said total debt had grown to more than Y570 billion and that the burden of interest payments associated with its high leverage is becoming increasingly more onerous.
Write to Kosaku Narioka at kosaku.narioka@wsj.com and Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
March 24, 2026 05:49 ET (09:49 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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