Deal Detail

Tenneco Inc. to Apollo Global Management, Inc.

EV / LTM EBITDA

4.9x

EV / LTM Sales

Enterprise Value

$7.1B

Primary Source

JPMorgan

Comparable Transactions

Industrials transactions announced in the five years to February 2022. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Nov 2018	Cooper-Standard Holdings Inc. (Anti-Vibration Systems business)	Continental Aktiengesellschaft	$300M	-	9.0x	Strategic
Sep 2018	Magna International Inc. (Fluid Pressure & Controls business)	Hanon Systems Co., Ltd.	$1.2B	-	7.0x	Strategic
Apr 2018	Federal-Mogul Corporation	Tenneco Inc.	$5.4B	-	7.2x	Strategic
Aug 2017	Futuris Global Holdings, LLC	Adient PLC	$400M	-	7.0x	Strategic
Jun 2017	Waterworks Operating Agreement LLC	CD&R	-	-	10.5x	Financial
	Mean			-	8.1x
	Median			-	7.2x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	LEG FO	JPMorgan	2026	$7.1B	-	4.9x	-	-	Open