BUZZ-Aerospace firm Barnes rises on $3.6 bln deal with Apollo Global

Reuters
2024-10-07

** Shares of aerospace and industrial components maker Barnes Group rise 2.4% to $46.34 premarket

** Agrees to be acquired by private-equity firm Apollo Global Management in an all-cash transaction that values it at about $3.6 billion

** Apollo offers $47.50 per share in cash, a 4.9% premium to the stock's last close

** Reuters last week reported that Apollo was in talks to buy Barnes, citing people familiar with the matter

** Shares of Barnes, which have gained 38.7% YTD, closed up 12.98% on Friday on the news

** Apollo said it expected Barnes' businesses to benefit from long-term aerospace trends at a time when travel demand is rampant

** Transaction expected to close before the end of the first quarter of 2025

(Reporting by Abhinav Parmar in Bengaluru)

((Abhinav.parmar@thomsonreuters.com))

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