Market Chatter: Citigroup, JPMorgan Impacted by Tariffs on Auto Parts Acquisition Backed by Apollo

09:37 AM EDT, 04/01/2025 (MT Newswires) -- Citigroup ( C ) and JPMorgan Chase (JPM) are struggling to find investors for a $900 million leveraged loan and a $1.33 billion junk bond sale related to Canadian auto parts manufacturer ABC Technologies' acquisition of TI Fluid Systems as upcoming tariffs loom large on the businesses, Bloomberg reported Tuesday, citing people with knowledge of the deal.

ABC Technologies in November agreed to acquire automotive systems firm TI Fluid Systems for 1.83 billion British pounds ($2.37 billion), backed by Apollo Global Management ( APO ) , according to the report.

Citigroup ( C ) is leading ABC's leveraged loan sale, while JPMorgan ( JPM ) is running the proposed bond, the report said.

A meeting scheduled for Monday was canceled because the banks chose to wait until after the announcement of the new tariffs from the Trump administration on Wednesday, the report said.

The deadline to close the acquisition is April 15, and loan commitments are due Thursday, according to the report.

Citibank, JPMorgan ( JPM ), Apollo, ABC Technologies, and TI Fluid Systems did not immediately reply to requests for comment from MT Newswire.

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