Automotive parts maker Tenneco is being taken private by funds managed by affiliates of private equity firm Apollo in an all-cash deal valued at about $7.1bn.

The transaction includes the assumption of Tenneco’s debt. Apollo will pay $20 per Tenneco Inc. share, double from Tenneco’s closing price Tuesday of $9.98.

Separately, the Lake Forest, Illinois-based company said it swung to a quarterly loss of $35 million, or 42 cents a share. The adjusted loss totaled $10 million. Revenue declined 6% year-over-year to $4.39 billion as the entire automotive industry grappled with a crippling shortage of computer chips.

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