Tenneco Inc. (NYSE:TEN) agreed to spin-off Aftermarket and Ride Performance Business on October 1, 2018. In a related transaction, Tenneco Inc. agreed to spin-off Powertrain Technology business. Tenneco completed the acquisition of Federal-Mogul on October 1, 2018. The combined businesses of Federal-Mogul will be spun-off into two independent, publicly traded companies. Aftermarket and Ride Performance Business will be spun off into DRiV INc. and will remain in Illinois. Post the transaction, Brian Kesseler and Roger Wood, Chief Executive Officers of Tenneco, will head Driv and the new Tenneco consisting of powertrain business, respectively. Jason Hollar will continue to serve as Executive Vice President and Chief Financial Officer of Tenneco overseeing the financial organizations of both DRiV and New Tenneco. The spin-off is expected to be complete in late 2019. As of February 14, 2019, the spinoff is expected to close in second half of 2019. As of May 9, 2019, spinoff is now expected to occur in mid-2020. Lazard and Barclays acted as financial advisors to Tenneco. Kirkland & Ellis LLP acted as legal advisor to Tenneco.