Apollo Bids for Aegion After New Mountain Buyout Deal

Apollo Global Management Inc. has made a bid for Aegion Corp., a pipeline-services company that last month agreed to be taken private by New Mountain Capital, according to people with knowledge of the matter.

The New York-based firm’s offer values Aegion at more than the $26 per share in the New Mountain deal, and less than $30 a share, said one of the people, who asked not to be named because the bid hasn’t been announced. It’s possible that Apollo could combine Aegion with another company, one of the people said.

Aegion is reviewing an unsolicited offer from another party, the company said in a statement Friday, without identifying the bidder.

Apollo and Aegion representatives declined to comment.

St. Louis-based Aegion, led by CEO Chuck Gordon, describes itself as a provider of technologies that rehabilitate and strengthen infrastructure around the world, including pipelines in the wastewater, water, refining, mining and energy industries.

Aegion’s shares rose 12.4% to $29.13 at 10:36 a.m. in New York on Friday, giving it a market value of about $895 million.

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