2023-05-03 21:04:53 ET
- Private equity firm Apollo Global ( NYSE: APO ) is close to an agreement to buy aerospace-parts maker Aronic for $3 billion, or $30 a share.
- The deal may be announced when Arconic ( NYSE: ARNC ) reports its Q1 results on Thursday, according to a WSJ report, which cited people familiar. Arconic participated in the sales process with hedge-find investor Irenic Capital Management.
- A potential deal comes after the WSJ reported that Apollo ( APO ) was is in discussions to purchase Arconic ( ARNC ) in late February, driving the shares up almost 20% on Feb. 28. Bloomberg reported in late March that Apollo ( APO ) was evaluating making an offer of around $27 or $28 a share.
- A possible ( ARNC ) transaction comes after media reports in 2018 that Apollo (APO ) was in talks to buy Arconic for $11 billion. The deal never came to fruition and Arconic in 2020 s plit itself into two companies , Arconic and Howmet Aerospace ( HWM ).
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Apollo-led group nears acquisition of Arconic for $30 a share