Apollo Management to Acquire Borden

Apollo Management agreed to acquire Borden Chemical Inc. from Kohlberg Kravis Roberts & Co., the world’s largest buyout firm, for $649 million, marking Apollo’s fourth purchase of a chemical company in less than a year.

New York-based Apollo also will assume about $550 million of long-term debt, valuing the takeover at about $1.2 billion. The transaction ends plans by KKR to sell shares of Borden to the public, the companies said.