Cayman Team Advises Apollo On US$3.7bn Nippon Sheet Glass Acquisition

Our Cayman Islands Investment Funds team recently advised Apollo-managed funds on a series of transactions to acquire Nippon Sheet Glass Company, Limited (the Company), a global leading company in architectural, automotive and technical glass. Upon completion, the transaction will be Apollo Funds' fifth and largest private equity investment in Japan to date, totalling nearly $3.7 billion (JPY ~590 billion) in enterprise value.

Under the terms of the agreement, Apollo Funds will invest equity to support the Company's financial position and long-term growth. In conjunction with this, the Company's lenders will effectively transition a portion of their outstanding loans to equity, reinforcing their commitment and enhancing the Company's growth trajectory. The transaction is expected to close by around March 2027, subject to satisfaction of customary closing conditions, including regulatory approvals.

Our team was led by Cayman Islands partners Bicrom Das, James Murrie and Sam Francis with assistance from associates Bethany Oakley and Dwight Williams.