US-based asset management firm Apollo has announced a strategic investment that will see funds under its management acquire control of Nippon Sheet Glass (NSG), the parent company of Pilkington, in a deal aimed at restructuring the global glass manufacturer and strengthening its long-term growth prospects.
According to Apollo’s press release, the transaction positions the firm as a key strategic partner to NSG, a global leader in architectural, automotive, and technical glass. The investment forms part of a broader plan to recapitalise the business, reduce debt, and enable future growth initiatives.
Read Apollo’s press release here: https://www.apollo.com/insights-news/pressreleases/2026/03/apollo-funds-announce-strategic-investment-in-nsg-group-a-global-leader-in-glass-manufacturing-3260933
NSG confirmed that the transaction will be implemented through a third-party allotment of new shares to Apollo-managed funds, alongside a series of restructuring measures. These include a planned share consolidation that will ultimately result in the company being taken private, subject to shareholder approval and regulatory clearances.
The Japanese manufacturer will receive an equity injection of approximately ¥165 billion as part of the deal. In parallel, major financial institutions will contribute a further ¥140 billion through a quasi debt-equity swap, significantly reducing the group’s overall leverage and improving its balance sheet.
Following completion of the transaction, Apollo is expected to become the sole shareholder of NSG, with the process also involving the repayment and refinancing of existing borrowings, including substantial debt at its UK subsidiary.
Read NSG’s statement here: https://www.nsg.com/-/media/nsgcom/downloads/en/2026/24mar2026fundamentalstrategicsteps_e01.pdf
The combined measures are designed to deliver a “fundamental transformation” of NSG’s capital structure. The company stated that the strengthened financial position will allow it to focus on strategic investments in areas such as higher-value-added glass products, environmental compliance, and solar energy technologies.
NSG has faced sustained financial pressure in recent years, driven by a combination of high debt levels, rising input costs, and challenging market conditions, particularly in Europe. The legacy of its 2006 acquisition of Pilkington has continued to weigh on the group’s balance sheet, making refinancing and long-term investment more difficult.
The transaction, which values the business at approximately $3.7 billion, represents Apollo’s largest private equity investment in Japan to date. Completion is expected in 2027, subject to approval at NSG’s annual general meeting and customary regulatory processes.
Apollo indicated that, following the acquisition, it will work closely with NSG’s management team to implement operational improvements and support the company’s long-term strategic direction.
Further updates are expected as the transaction progresses through shareholder approval and regulatory review stages.
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