Apollo Agrees to Buy Stake in Spain’s Applus for €300 Million

Apollo Global Management Inc. reached an agreement to buy a stake in Spanish certifications company Applus Services SA, after sweetening its offer amid rival bids from I Squared Capitaland TDR Capital.

The private equity firm will acquire as much as 21.85% of Applusfrom a group of shareholders including RWC Asset Management LLP and Harris Associates LP for €10.65 per share, a 12% increase from its previous bid, according to a regulatory filing. That values the stake at as much as €300 million ($326 million). The purchases also include positions held through derivatives.

Apollo had offered ...