Apollo Global Management LLC (NYSE: APO) is buying industrials group OM Group Inc. (NYSE: OMG) for $1.03 billion.

OM Group develops systems using various technologies for the automotive electronic device, aerospace and defense, industrial and medical markets. OM's technology-related services include battery, magnetic and electronic chemicals. The company started considering strategic alternatives last year and decided a sale was the best option, according to OM CEO Joseph Scarminace.

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