Business is our main product!

We are responsible for giving you a place to invest and increase your capital!

  • Date of publication: 31 August 2020
  • 1917
  • businessbuysale.com
  • Apollo Global nears deal to buy Arconic for more than $10 billion: WSJ

    Synopsis

    Apollo Global Management LLC is nearing a deal to buy U.S. aluminum products maker Arconic Inc. for more than $10 billion, the Wall Street Journal reported on Tuesday.

    • Share:
Description

Leon Black, Chairman, CEO and Director, Apollo Global Management, LLC, speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. May 1, 2018. REUTERS/Lucy Nicholson

 

Apollo Global Management LLC  is nearing a deal to buy U.S. aluminum products maker Arconic Inc. for more than $10 billion, the Wall Street Journal reported on Tuesday.

The private equity firm would pay between $21 and $22 per share in a deal that would likely be announced this week, the report said, citing people familiar with the matter.

The deal would represent a premium of 10 percent or more as the shares were recently trading just above $19, according to the report.

Arconic shares rose almost 4 percent, while Apollo shares were up 2 percent on Tuesday.

Reuters had reported in October that Apollo Global was in advanced negotiations to acquire Arconic.

Elliott Management Corp, the activist hedge fund that sits on Arconic board, is working to address potential liabilities weighing on the sale process for the U.S. aluminum products maker, Reuters had reported in November.

Arconic declined to comment, while Apollo Global did not immediately respond to a Reuters request for comment.

 

Reuters.com