Apollo Global Management has struck a ¥165bn rescue deal for Nippon Sheet Glass, marking its largest acquisition in Japan. The private equity firm will inject ¥140bn from Japanese banks to convert debt to equity while acquiring a controlling stake in the struggling glassmaker. NSG will delist after squeezing out minority shareholders at ¥500 per share, a 23.5% premium to Monday's closing price.

This transaction represents a dramatic intervention in a saga that began with NSG's 2006 acquisition of Pilkington for £2.2bn. The British glassmaker, once larger than NSG, has dragged down the Japanese company's finances for nearly two decades. NSG has accumulated ¥50bn in cumulative losses over five years while facing intense competition from Chinese manufacturers and economic headwinds in Europe.

The deal comes as Apollo continues expanding its footprint in Japan, where about 120 groups delisted last year amid private equity interest. The rescue package addresses NSG's ¥570bn debt burden while providing fresh capital to stabilize operations. Industry analysts note this transaction highlights how buyout firms are reshaping Japan's corporate landscape, particularly for companies burdened by legacy cross-border acquisitions that failed to deliver expected synergies.