The European Commission’s Directorate-General for Communication announced that the Commission has approved the acquisition of Japan’s Nippon Sheet Glass Company (NSG Group) by the US investment group Apollo Capital Management. The transaction was reviewed under the simplified merger procedure.
The Commission concluded that the deal does not raise competition concerns. The reason is straightforward: the companies do not operate in the same markets and are not linked through supply chain relationships.
The transaction concerns the manufacture and supply of glass products.
Apollo Capital Management is part of the Apollo Global Management group. Funds managed by the group will acquire sole control of NSG Group.
Earlier, OKNA.ua reported on the announcement of the transaction. Apollo announced its plans to acquire NSG Group on 23 March 2026. The total value of the deal is approximately US$3.7 billion.
NSG Group manufactures architectural, automotive and technical glass. The company is known under the Pilkington brand and operates worldwide.
Apollo Funds will provide equity investment to strengthen NSG’s financial position. At the same time, the company’s principal lenders will convert part of their debt into equity. This will help NSG eliminate the debt burden accumulated following the acquisition of Pilkington.
Following completion of the transaction, NSG Group plans to focus on three business areas. The first is energy-efficient architectural glass. The second is advanced automotive glazing. The third is products for the solar energy sector.
Completion of the transaction remains subject to approval by NSG shareholders at the company’s annual general meeting, scheduled for late June 2026. The deal is expected to close around March 2027.
It is worth noting that Pilkington Technology Management Limited, a member of NSG Group, will provide engineering support during the construction of a float glass production line in Ukraine.
The next step towards completing the acquisition of NSG Group is shareholder approval of the transaction at the company’s annual general meeting in June 2026
Apollo Funds’ acquisition of NSG Group approved by the European Commission
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