Funds managed by Apollo have completed their acquisition of Nippon Sheet Glass Co., Ltd. (NSG Group), with the glass manufacturer launching a new management structure following the transaction.
Apollo announced completion on 29 September 2026 in the United States, with the announcement made simultaneously in Japan on 30 September. NSG issued its own announcement on 30 September, confirming the start of its next phase under the new structure.
The deal brings a change of ownership for the group behind the Pilkington brand, whose glass products serve the architectural and automotive markets. Pilkington, founded in the UK in 1826, celebrated its 200th anniversary this year.
¥165 billion capital injection
Although the completion releases do not state a headline acquisition value, NSG’s earlier regulatory announcements set out the financial components of the transaction.
On 31 August 2026, NSG confirmed receipt of approximately ¥165 billion through an issue of new shares to Lumina Japan Acquisition Co., Ltd., a special purpose company owned by Apollo-managed funds.
The allotment comprised 366,666,666 new ordinary shares at ¥450 each, raising an exact total of ¥164,999,999,700. Lumina became NSG’s parent company and largest shareholder on that date.
The ¥165 billion figure represents the subscription for newly issued shares, rather than a stated overall purchase price for the business.
NSG also outlined cash consideration equivalent to ¥500 per existing ordinary share for minority shareholders whose holdings would become fractional shares through the subsequent share consolidation. Its August announcement said these cash payments were expected to begin in late December 2026.
The ¥500 consideration represented a 23.5% premium to the market closing price on the business day before the original transaction announcement on 24 March 2026.
Debt restructuring and delisting
The wider transaction plan announced in March included a ¥140 billion quasi debt-equity swap supported by major financial institutions, refinancing of existing domestic borrowings and repayment of ¥189 billion of borrowings at NSG’s UK subsidiary.
NSG presented these measures as a way to reduce leverage, improve its capital structure and lower its interest burden, creating more capacity for investment. These are separate elements of the financing and restructuring package, rather than figures that can simply be added together to establish an acquisition price.
NSG’s ordinary shares were delisted from the Prime Market of the Tokyo Stock Exchange on 28 September 2026.
Investment in people and technology
Following completion, NSG said its strengthened financial position would support faster investment in its workforce and technology. The group intends to draw on Apollo’s experience across glass, automotive and manufacturing businesses as it pursues improved competitiveness and sustainable growth.
NSG also reaffirmed its commitment to its 2030 Vision: Shift the Phase medium-term plan. Its operations span architectural glass, automotive glazing and Creative Technology, with architectural activities also supplying glass for solar energy applications.
For the UK fenestration sector, the transaction concerns the ownership and financing of the group behind Pilkington. Neither completion release announces specific changes to UK production sites, customer pricing or supply arrangements.
Apollo reported approximately US$1.05 trillion in assets under management at 30 June 2026. That figure describes Apollo’s wider investment business and is unrelated to the price paid for NSG.
NSG press release: https://www.nsg.com/en/media/ir-updates/announcements-2026/nsg-group-launches-new-chapter
Apollo press release: https://www.apollo.com/insights-news/pressreleases/2026/09/apollo-funds-announce-completion-of-acquisition-of-nippon-sheet-glass-marking-new-chapter-of-growth-3371474
Subscribe for FREE below to receive the weekly DGBulletin newsletter and monthly digital magazine!
