Apollo to take manufacturer Arconic private for $5.2bn

• The deal also includes a minority investment from Irenic Capital Management
• According to terms of the transaction, Arconic shareholders will receive $30 per share in cash
• When the deal closes, Arconic will no longer trade on the New York Stock Exchange

Apollo Global Management has agreed to acquire Pittsburgh-based Arconic, an equipment and parts manufacturer, in a take-private deal for about $5.2 billion.

The transaction also includes a minority investment from Irenic Capital Management.

According to terms of the transaction, Arconic shareholders will receive $30 per share in cash. When the deal closes, Arconic will no longer trade on the New York Stock Exchange.

“Arconic’s talented management team and employees operate a set of premier global assets serving markets that are growing,” said Gareth Turner, a partner at Apollo Global Management, in a statement. “We are committed to investing significant capital in the Company to secure its competitive position and world-class product offering to continue building on Arconic’s journey.”

The transaction is expected to close in the second half of 2023.

Evercore Group L.L.C. and Goldman Sachs & Co. LLC are serving as financial advisors to Arconic, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Arconic.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds.

J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as co-lead financial advisors to Apollo. BMO Capital Markets, Mizuho Securities USA LLC and TD Securities are also serving as financial advisors to Apollo.

Founded in 1990, Apollo is based in New York City.