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Arconic

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business2 years ago

Arconic sold to Apollo Global Management in $3B deal.

Arconic Corporation, formerly known as Alcoa, has been sold to funds managed by affiliates of Apollo Global Management, Inc. in an all-cash transaction that values the company at approximately $5.2 billion. The transaction includes a minority investment from funds managed by affiliates of Irenic Capital Management. Arconic shareholders will receive $30.00 per share in cash, which represents a premium of approximately 36% to the company’s undistributed closing stock price on Feb. 27. Upon completion of the transaction, Arconic will become a private company.

via KWQC|
#acquisition#apollo-global-management#arconic
business2 years ago

Private equity firm acquires Arconic in major deal

Arconic, a spinoff of Alcoa, has been acquired by private equity firm Apollo Global Management for $5.2 billion. The new owners plan to invest in upgrades to key machine centers, technology upgrades, and projects for a cleaner environment. The sale includes labor contracts, which the new owners will have to honor. It is unclear how the sale will affect Arconic's Massena plant, which currently employs 125 workers.

via WWNY|
#acquisition#arconic#business
business2 years ago

Apollo Global Management to Acquire Arconic in $3B Deal

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.

via Barron's|
#acquisition#apollo-global-management#arconic
business2 years ago

Apollo Global-led Group to Acquire Arconic for $30 a Share.

Private-equity firm Apollo Global Management is close to finalizing a deal to acquire industrial-parts manufacturer Arconic for about $3 billion, valuing the company at $30 per share. Arconic makes parts for the aerospace, automotive, building, and energy industries. The deal could be announced by Thursday, pending any last-minute issues.

via The Wall Street Journal|
#acquisition#apollo-global-management#arconic