Apollo acquires Nippon Sheet Glass for $3.7bn. Apollo's largest PE investment in Japan, and less of a buyout than a financial rescue. NSG has been drowning in debt since it bought Pilkington for £2.2bn in 2006. Apollo is injecting $1bn in fresh equity, lenders are swapping loans for equity, and the thesis is solar and EV glass. Twenty years of survival mode, ended with one phone call from New York. APOLLO
Apollo hired three managing directors, one of them from Carlyle. Advent's head of tech strategy now works at the OpenAI venture Advent helped fund.
GTCR and Elliott are paying $7.75 a share for CCC. Advent sold its final stake last November at $7.79, down from a $10 SPAC-era price.
Proofpoint will pay $49.75 a share for Varonis, 52% above the June close. The multiple is 53 times free cash flow, and the first-half cash flow fell.
Fee-generating assets rose €40bn in the quarter. Strip out the Coller acquisition and the gain is about €6bn.
