Canvas Category OEM : Fabricated Metal
Arconic is a leading provider of aluminum sheet, plate and extrusions, as well as innovative architectural products, that advance the automotive, aerospace, commercial transportation, industrial, packaging and building and construction markets. Working in close partnership with our customers, we solve complex engineering challenges to transform the way we fly, drive and build. Through the ingenuity of our people and cutting-edge advanced manufacturing techniques, we make products that meet quality, efficiency and delivery objectives to achieve customer success and shareholder value.
Arconic to Be Acquired by Apollo Funds
Arconic Corporation (NYSE ARNC) (“Arconic” or the “Company”) announced today that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE APO) (“Apollo”), 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”).
The agreement provides that 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 February 27, 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.