ADVERTISEMENT

Company News

Apollo to Pay $3.6 Billion for Aerospace Manufacturer Barnes

Published: 

Matt Michelini, head of Asia for Apollo, poses for a photograph in Hong Kong, China, on Thursday, Apr. 11, 2024. Paul Yeung/Bloomberg (Paul Yeung/Bloomberg)

(Bloomberg) -- Apollo Global Management Inc. agreed to buy Barnes Group Inc. in an all-cash transaction that values the technology and aerospace manufacturer at about $3.6 billion.

Barnes shareholders will receive $47.50 a share in cash, the companies said. The price represented a 22% premium over Barnes’ closing share price on June 25, the day before reports emerged the company was exploring options including a sale. The transaction is expected to close before the end of the first quarter of 2025.

Barnes Group shares were up 39% so far this year as of Friday’s close, compared to a 21% increase in the S&P 500.

©2024 Bloomberg L.P.