Apollo-managed funds have agreed to acquire Nippon Sheet Glass in a transaction valued at approximately $3.7bn, marking the firm’s largest private equity investment in Japan to date.

The deal includes a significant equity injection alongside a restructuring of the company’s balance sheet, with principal lenders converting a portion of existing debt into equity.

The transaction is designed to strengthen NSG’s financial position while supporting long-term growth across key segments, including architectural glass, automotive glazing, and solar products.

“This investment unites Apollo’s scaled industry and operational expertise globally with NSG Group’s legacy of manufacturing excellence and innovation,” said Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity at Apollo.

NSG operates a global manufacturing platform with strong positioning across energy-efficient building materials and advanced glass technologies, benefiting from increasing demand linked to sustainability and electrification trends.

The partnership will enable the company to accelerate investment in next-generation technologies while enhancing operational performance and global competitiveness.

The transaction is subject to shareholder approval at NSG’s annual meeting in June, as well as regulatory clearances, with completion expected by March 2027.

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