Arconic to Be Acquired by Apollo Funds In All Cash Deal of $5.2B

Author: Benzinga Newsdesk | May 04, 2023 06:46am

Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") announced today that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) ("Apollo"), in an all-cash transaction that values the Company at an enterprise value of approximately $5.2 billion. The transaction includes a minority investment from funds managed by affiliates of Irenic Capital Management ("Irenic").

The agreement provides that Arconic shareholders will receive $30.00 per share in cash, which represents a premium of approximately 36% to the Company's undisturbed closing stock price on February 27, 2023. Upon completion of the transaction, Arconic's shares will no longer trade on the New York Stock Exchange, and Arconic will become a private company.

Posted In: APO ARNC