Forvia Sells Interior Business to Apollo Funds for $2.1 Billion

French automotive supplier Forvia has agreed to sell its interior components business to funds managed by Apollo Global Management for $2.1 billion. The deal is part of Forvia's strategy to strengthen its balance sheet and reduce debt amid challenging market conditions in the automotive sector. The sale covers Forvia's division that produces instrument panels, door panels, and other interior parts. The company plans to use the proceeds from the transaction to reduce debt and invest in growth areas such as electric vehicle technologies. Apollo funds aim to expand their presence in the automotive sector through this acquisition. The deal is expected to close in the first half of 2024, subject to regulatory approvals. Following the sale, Forvia will continue operations with a lighter structure, focusing particularly on emission reduction technologies and sustainable mobility solutions. The company states that this strategic move will enhance its long-term competitiveness. This is not investment advice.