The European Commission has approved, under the EU Merger Regulation, the acquisition for sole control of Nippon Sheet Glass, based in Japan, by Apollo Capital Management, controlled by Apollo Global Management, (together with its indirect subsidiaries managing the investment funds, “Apollo Funds”), based in the USA.
The Commission concluded that the notified transaction would not raise competition concerns, given that the companies are not active in the same or vertically related markets. The notified transaction was examined under the simplified merger review procedure.
Apollo Funds announced a strategic investment in the NSG Group in March 2026. Upon completion, the transaction will be Apollo Funds’ largest private equity investment in Japan to date, totalling nearly USD 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 investment, NSG’s principal lenders will effectively transition a portion of their outstanding loans to equity, reinforcing their commitment and enhancing the Company’s growth trajectory by providing for a more stable balance sheet structure for the Company.