Apollo-managed funds signed definitive agreements on 23 March to acquire Nippon Sheet Glass through a series of transactions valuing the Tokyo-based glassmaker at nearly $3.7bn, or about ¥590bn, including debt.
Why Apollo Funds is buying Nippon Sheet Glass Co., Ltd. (NSG Group)
The deal is designed to strengthen NSG's balance sheet and fund growth in energy-efficient architectural glass, automotive glazing and solar products, as well as next-generation technology. Apollo partner Tetsuji Okamoto said the tailored financing reflected the collective commitment of stakeholders across Japan.
Deal terms and financing
Apollo will invest equity while NSG's principal lenders convert a portion of their outstanding loans into equity. Apollo described it as its largest private equity transaction in Japan; Paul, Weiss said it was the firm's fifth private equity investment in the country.
Regulatory approvals and timing
The transaction required NSG shareholder approval at its June annual general meeting and regulatory clearances, with completion originally expected around March 2027. Apollo announced on 29 September 2026 that the acquisition had been completed and a new management structure launched.
Market context
NSG makes architectural, automotive and solar glass. The deal adds to a run of sponsor-led take-privates in Japan, alongside KKR's planned buyout of Taiyo Holdings announced the same month.
