Finance

Apollo affiliates to buy a Mitsubishi Chemical unit for $759 mln

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Marc Rowan, co-founder and then-senior managing director, Apollo Global Management, takes part in a panel discussion Beverly Hills, California April 29, 2014. REUTERS/Kevork Djansezian/File Photo

Sept 30 (Reuters) - U.S. private equity firm Apollo Global Management (APO.N) said funds managed by its affiliates will buy Mitsubishi Chemical's (4188.T)thermal and emission control protection materialsbusiness.

The deal, which is expected to close by March 2022, marks Apollo's second private equity fund investment in Japan, it said in a statement.

Mitsubishi Chemical said in a separate statement that the transfer price is 85 billion yen ($759 million).

The Japanese chemicals producer expects a profit of approximately 54 billion yen from the deal.

($1 = 112 yen)

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Reporting by Kanishka Singh in Bengaluru; editing by Himani Sarkar and Jason Neely

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