17.6 C
Munich
Wednesday, June 12, 2024

Apollo nears deal to buy Arconic, valuing company at about $3 billion: report

Must read

- Advertisement -


Private-equity firm Apollo Global Management Inc. is close to a deal to acquire aerospace parts company Arconic Corp., the Wall Street Journal reported late Wednesday.

The Journal, which first reported Apollo
APO,
-0.54%

was in talks to buy Arconic in February, reported the deal would value Arconic
ARNC,
-5.69%

at $30 a share, or about $3 billion, and could be announced by the time Arconic reports quarterly earnings before the market opens Thursday.

Pittsburgh-based Arconic, which was spun off from Alcoa Inc.
AA,
-1.85%

in 2016, had a market value of about $2.38 billion as of Wednesday, according to Dow Jones Market Data, but has a debt load of more than $1.5 billion, according to the Journal.

Arconic shares are up 6.6% year to date, but are down 19% over the past year, compared to the S&P 500’s
SPX,
-0.70%

6.5% rise in 2023 and nearly 5% decline over the past 12 months.

- Advertisement -



Source link

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article