Apollo Global Management, Inc. (NYSE:APO) is nearing a deal to buy the vinyl business of Orbia Advance Corporation, S.A.B. de C.V. (BMV:ORBIA *), the conglomerate formerly known as Mexichem, according to people with knowledge of the matter. An agreement valuing the unit at $2 billion or more could be announced as soon as January 2021, said the people, who asked not to be identified because the talks were private. A final agreement hasn't been reached and negotiations could still end without a sale, the people said.

A representative for Orbia didn't immediately respond to a request for comment. A spokesperson for Apollo declined to comment.