06:30 AM EDT, 10/11/2024 (MT Newswires) -- Apollo Global Management's ( APO ) Tenneco agreed to sell its 100% stake in Ohlins Racing to Italy's Brembo for $405 million in cash, the companies said Friday.

The acquisition, subject to customary regulatory approvals, is expected to close in early 2025.

Tenneco Chief Executive Jim Voss said the sale is in line with the company's strategy of streamlining its business portfolio and strengthening its balance sheet.

Ohlins Racing, with 500 employees at two production facilities in Sweden and Thailand, manufactures suspension technology for motorcycles and cars.

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