Tenneco Inc. has agreed to be acquired by affiliates of Apollo Global Management Inc. in a $1.6 billion deal to take the auto-parts supplier private. Apollo will pay $20 a share, about twice Tenneco’s Feb. 22 closing price, the companies said in a statement. The deal, expected to close in the second half of the year, has an enterprise value of $7.1 billion including debt.

The sale wraps a tumultuous stretch for Tenneco, which has endured activist investor pressure, board shakeups and an 85% drop in the stock price over the past five years. More recently, semiconductor shortages caused by the pandemic have wreaked havoc on the automotive industry.

The Lake Forest, Illinois-based supplier of mufflers and other car parts will continue to operate under the Tenneco brand following the deal, the companies said.

“This partnership will allow us to continue to invest in and grow Tenneco’s multiple segments and global footprint,” Tenneco Chief Executive Officer Brian Kesseler said in the statement.