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.
Arconic retained rolled products, aluminum extrusions, and building and construction systems business, while the engine products, fastening systems and forged wheels businesses were spun off to Howmet.
Apollo said it was committed to investing "significant capital" in Arconic, expected to be used for plant technology upgrades. The transaction, which includes a minority investment from Irenic Capital Management, comes at a time when high interest rates have sapped the appetite for private equity investments.
BMO Capital Markets, Mizuho Securities USA LLC and TD Securities were financial advisers to Apollo, while Evercore Group and Goldman Sachs & Co were Arconic's advisers.
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