Funds managed by affiliates of Apollo Global Management, are to acquire Arconic Corporation, a provider of aluminium sheet, plate, and extrusions, as well as architectural products, 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).
Under the terms of the deal,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 27 February, 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.
The transaction is expected to close in the second half of 2023, subject to customary closing conditions, including approval by Arconic shareholders and receipt of regulatory approvals.
