Apollo Global Management to Acquire Arconic in $3B Deal
TL;DR Summary
Arconic's Q1 earnings fell short of expectations, but its stock is up 27% after agreeing to be bought out by Apollo Global Management for $30 a share in cash. The deal values Arconic at about $5.2 billion, or about seven times estimated 2024 earnings before interest, taxes, depreciation, and amortization. The cancellation of the earnings conference call indicates that the acquisition news is the primary driver of the stock's surge.
- Arconic Stock Soars on News of Sale to Apollo Global Management Barron's
- Apollo Global-Led Group Nears Deal to Buy Arconic - WSJ The Wall Street Journal
- Pittsburgh-based Arconic agrees to be acquired by private equity firm Pittsburgh Post-Gazette
- Arconic to be purchased by Apollo Global Management TribLIVE
- Private Equity Apollo Global Nears Arconic $3B Deal: Report Yahoo Finance
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