Arconic Corporation, headquartered in Pittsburgh, PA, entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. The all-cash transaction, valued at around $5.2 billion, includes a minority investment from funds managed by affiliates of Irenic Capital Management. Upon completion of the transaction, the company’s shares will no longer trade on the New York Stock Exchange, and Arconic will become a private company.
Founded in 2016, when Alcoa separated into two independent companies, Arconic is a manufacturer of aluminum sheet, plate and extrusions that are utilized in the automotive, aerospace, commercial transportation, industrial, packaging, and building and construction markets.
“In the more than three years since we became a standalone company, we have shown the capabilities and potential of Arconic’s employees and assets,” said Tim Myers, chief executive officer of Arconic. “Our unique product portfolio in an industry with significant potential for growth across the markets we serve positions us to deliver substantial value to our customers and the end users of our products. This transaction will provide Arconic with the backing of one of the world’s premier investment firms and will allow us to leverage Apollo’s industry expertise and relationships to pursue our long-term strategic goals. I look forward to working with their team to create opportunities for our employees and provide value to our customers.”Read the full article