Apollo Global nears deal to buy Arconic for $3 billion – WSJ
2023.05.04 00:51
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(Reuters) -Private-equity firm Apollo Global Management (NYSE:) is nearing a deal to buy U.S. aluminum products maker Arconic, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The deal, which could be announced by the time Arconic reports its results on Thursday, is set to value the manufacturer at $30 a share, or roughly $3 billion, according to the WSJ report.
Apollo participated in the sale process with hedge-fund investor Irenic Capital Management, the report said, adding that the latter has previously disclosed it built a minor stake in Arconic in the fourth quarter of 2022.
Apollo and Arconic did not immediately respond to a Reuters request for comment.
Apollo has indicated that it was willing to pay $27 to $28 per share for Arconic, according to a Reuters report in March.
Sachem Head Capital Management amassed a stake in Arconic, pushing for a sale to raise the pressure on the Pittsburgh-based industrial company to complete the negotiations with Apollo successfully.
