Tenneco Inc. (NYSE:TEN) agreed to spin-off Powertrain Technology Business on October 1, 2018. In a related transaction, Tenneco Inc. agreed to spin-off Aftermarket and Ride Performance business, which will be named Driv Inc. 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. Jason Hollar will continue to serve as Executive Vice President and Chief Financial Officer. Post the transaction, powertrain technology business will move its headquarters to Northville Township. Brian Kesseler and Roger Wood, Chief Executive Officers of Tenneco, will head Driv and the new Tenneco consisting of the powertrain business, respectively. The spin-off is expected to be complete in late 2019. As on February 14, 2019, the transaction is expected to complete in second half of 2019. As of May 9, 2019, the transaction is expected to close in mid-2020. Lazard and Barclays acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor for Tenneco.