Apollo Global Management announced that its managed funds have entered into definitive agreements to acquire Nippon Sheet Glass Company, a global leader in architectural, automotive, and solar glass, for nearly $3.7 billion.
The deal represents Apollo’s largest private equity investment in Japan to date. As part of the transaction, Apollo Funds will inject equity to strengthen NSG’s financial position and support long-term growth initiatives. In parallel, NSG’s principal lenders will convert a portion of their existing debt into equity, improving the company’s balance sheet and aligning stakeholders for future expansion.
NSG operates a diversified global manufacturing platform across architectural glass, automotive glazing, and specialty glass technologies. The company is positioned to benefit from rising demand for energy-efficient construction materials, advanced automotive glass solutions, and solar-related products. Apollo plans to support investments in next-generation technologies and operational improvements to accelerate growth.
The transaction is subject to shareholder approval at NSG’s annual general meeting scheduled for late June, as well as regulatory approvals, and is expected to close around March 2027.
This investment marks Apollo’s fifth private equity deal in Japan, following prior transactions involving Panasonic Automotive Systems, Mitsubishi Chemical’s MAFTEC business, and aluminum operations combined into ALTEMIRA Holdings.
KEY QUOTES:
“This investment unites Apollo’s scaled industry and operational expertise globally with NSG Group’s legacy of manufacturing excellence and innovation. NSG Group is a foundational player in the global glass industry, and this tailored financing reflects the collective commitment of stakeholders across Japan to the long-term success of NSG Group. We look forward to supporting NSG Group’s management team and employees through this transformational period to drive performance, innovation and sustainable value creation.”
Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity, Apollo Global Management
“This partnership with Apollo Funds and our principal lenders enables us to reinforce our financial position, invest in our people and technology and lead the next era of glass manufacturing. With Apollo’s deep expertise in manufacturing and long-term partnership, we are prepared to continue delivering for our customers while building a stronger, more resilient enterprise.”
Munehiro Hosonuma, Representative Executive Officer, President and CEO, NSG Group
