Private equity giant Apollo Global Management Inc (APO.US) has splurged $2.1 billion to acquire the interior automotive business of Faurecia.

According to a announcement released on Monday, Apollo Global Management Inc (APO.US) has agreed to acquire the automotive interiors business of Faurecia Group (Forvia SE) for 1.82 billion euros (approximately 2.1 billion dollars). It is worth mentioning that according to a report last week, sources revealed that the private equity giant's valuation of Faurecia Group's automotive interiors business may be around 1.4 billion euros (approximately 1.6 billion dollars). Apollo stated on its official website that the transaction is subject to fulfillment of delivery conditions including regulatory approval, and is expected to be completed in the second half of this year. Faurecia Group was formed by the merger of Faurecia SE and Hella GmbH in 2022, and is an automotive technology supplier covering areas such as autonomous driving systems, energy management, etc. The sold automotive interiors business mainly produces components such as door panels and center consoles. This move is part of Faurecia Group's "Ignite" strategy aimed at streamlining its business structure and accelerating growth. Data shows that over the past 12 months, Faurecia Group's stock price on the Paris stock exchange has risen by over 50%, bringing the market value of this French company to around 2 billion euros.