NEW YORK and TOKYO - Apollo Global Management (NYSE:APO) announced Monday that Apollo-managed funds have entered into definitive agreements to acquire Nippon Sheet Glass Company (TSE:5202) in a transaction valued at approximately $3.7 billion (JPY ~590 billion) in enterprise value, according to a press release statement. The deal comes as Apollo, with a market capitalization of $64.7 billion, trades below InvestingPro’s Fair Value estimate, placing it among potentially undervalued financial services stocks.
The transaction represents Apollo Funds’ largest private equity investment in Japan to date. Under the agreement terms, Apollo Funds will invest equity to support the company’s financial position. NSG’s principal lenders will convert a portion of their outstanding loans to equity as part of the transaction structure.
Nippon Sheet Glass manufactures architectural, automotive and solar glass products. The company operates through three business segments: Architectural, which produces architectural glass and solar energy glass; Automotive, serving original equipment and aftermarket glazing markets; and Creative Technology, which includes printer and scanner lenses, specialty glass fibers and glass flakes.
The transaction requires NSG shareholder approval at the annual general shareholder meeting scheduled for late June and is subject to regulatory approvals. The transaction is expected to be completed by around March 2027, subject to satisfaction of customary closing conditions.
This marks Apollo’s fifth private equity fund investment in Japan. Apollo Funds’ previous investments in Japan include Panasonic Automotive Systems, Mitsubishi Chemical’s Polycrystalline Alumina Fiber Business MAFTEC, and aluminum businesses from Resonac and Mitsubishi Materials combined as ALTEMIRA Holdings.
As of December 31, 2025, Apollo had $938 billion of assets under management. The asset manager has demonstrated strong operational momentum, with revenue growing 23% over the last twelve months and trading at a P/E ratio of 20.26. According to InvestingPro, which offers 12 additional ProTips for Apollo, eight analysts have recently revised their earnings estimates upward for the upcoming period. Investors seeking deeper insights can access Apollo’s comprehensive Pro Research Report, one of 1,400+ available for top US equities.
In other recent news, CVC Capital Partners has announced a significant transaction involving Syntegon, where an investor group led by Apollo-managed funds acquired a 37% minority stake. CVC Capital Partners will maintain its majority shareholding with 63% of the shares and has reaffirmed its commitment to the company following this deal. Additionally, Realty Income Corporation and Apollo have formed a $1 billion joint venture focused on retail assets. Apollo-managed funds are set to acquire a 49% interest in this venture, which includes around 500 single-tenant retail properties under long-term net leases. In another development, Piper Sandler reiterated its Overweight stock rating for Apollo Global Management, highlighting the firm’s minimal exposure to software investments vulnerable to artificial intelligence disruption. Apollo’s private equity software exposure is reportedly non-existent, with less than 2% exposure across total assets under management. Furthermore, WestCX, under West Technology Group, has expanded its deployment of Rich Communication Services through a partnership with Twilio, enhancing customer interaction capabilities in regulated industries. These developments reflect the dynamic activities and strategic decisions involving these companies.
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