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


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.

This article was originally published by Marketwatch.com. Read the original article here.

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