Apollo Global Management (NYSE: APO) announced that Apollo-managed funds have entered into definitive agreements to acquire Nippon Sheet Glass Company (TSE: 5202) for approximately $3.7 billion in enterprise value. The transaction represents Apollo's largest private equity investment in Japan to date.

Under the agreement, Apollo Funds will invest equity to support NSG's financial position and long-term growth. NSG's principal lenders will convert a portion of their outstanding loans to equity as part of the transaction, which aims to provide a more stable balance sheet structure for the glass manufacturer.

NSG Group operates in architectural, automotive and solar glass manufacturing. The company serves original equipment and aftermarket replacement glazing markets, along with specialty products including lenses for printers and scanners, glass fibers and glass flakes.

"This investment unites Apollo's scaled industry and operational expertise globally with NSG Group's legacy of manufacturing excellence and innovation," said Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity at Apollo.

NSG Representative Executive Officer, President and CEO Munehiro Hosonuma stated that the partnership "enables us to reinforce our financial position, invest in our people and technology and lead the next era of glass manufacturing."

The transaction requires NSG shareholder approval at the annual general shareholder meeting scheduled for late June and is subject to regulatory approvals. The deal is expected to be completed by around March 2027.

This marks Apollo's fifth private equity fund investment in Japan. Previous investments include stakes in Panasonic Automotive Systems, Mitsubishi Chemical's Polycrystalline Alumina Fiber Business, and aluminum businesses from Resonac and Mitsubishi Materials.