Carl Icahn
Carl Icahn

Clermont Partners is covering the investment community in Tenneco's $5.4B cash/stock deal to acquire auto parts maker Federal Mogul from corporate activist Carl Icahn's Icahn Enterprises.

With the anticipated second-half closing of the deal, Tenneco will create two global independent companies to reflect the aftermarket & ride performance and powertrain technologies businesses.

CEO Brian Kesseler said FM brings strong brands, products and capabilities that are complementary to Tenneco's portfolio.

"Unleashing two new product-focused companies with even stronger portfolios will allow them to move faster in executing on their specific growth portfolios," he said in a statement.

Based in Lake Forest (IL), Tenneco has 32,000 employees and $9.3B in annual revenues.

FM, which has 55,000 workers and $7.8B in revenues, is headquartered in Southfield (MI).

Chicago-based Clermont founder Vivian Sivrais represents Tenneco.

She was deputy lead of the capital markets group at FTI Consulting's strategic communication arm before launching her IR, strategic communications firm.