Aerospace Supplier Arconic Taken Private by Apollo in $5.2 Billion Deal

Arconic Corp has agreed to be bought by Apollo Global Management Inc in a take-private deal valued at about $5.2 billion, the U.S. aerospace supplier said on Thursday.

Apollo will pay $30 for each Arconic share held, representing a premium of 35.6% as of close on Feb. 27, a day before reports of deal talks emerged.

Shares of Pittsburgh-based Arconic jumped 27% to $28.75 on Thursday.

The deal, which is expected to close in the second half of the year, has an equity value of about $3 billion, as per calculations by Reuters.

Read the source article at ca.finance.yahoo.com