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The company's board gave the green light to the buyout, which is part of Apollo's strategy to expand its presence in Europe, on 30 April. "We are looking at closing this deal in the next few days," Apollo's vice chairman Neeraj Kanwar was quoted as saying.
Vredestein Banden is fully owned by tyre producer Amtel-Vredestein NV (LI:AMV).
Amtel-Vredestein went into bankruptcy last month, but its unit Vredestein Banden and its European subsidiaries, which have separate financing arrangements, remained unaffected.
Sector: Car parts
Type: Corporate acquisition
Target: Vredestein Banden BV
Vendor: Amtel-Vredestein NV
Buyer: Apollo Tyres Ltd
Status: Soon to be closed
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