By Dean Seal
Barnes Group has agreed to be acquired and taken private by Apollo Global Management in an all-cash deal that values the company at $3.6 billion.
The industrial- and aerospace-components manufacturer Monday said Apollo would pay $47.50 a share in cash, a 4.9% premium to Friday's closing price of $45.26.
Shares rose 2.7% to $46.50 in pre-open trading after the deal was announced.
Reuters first reported last week that Apollo Global was in talks to acquire Barnes, citing unnamed sources.
The Bristol, Conn., company said the transaction is expected to close by the end of the first quarter of 2025. It has received unanimous approval from Barnes' board of directors.
If the deal is completed, Barnes would be delisted from the New York Stock Exchange and become a privately held company that continues to operate under the Barnes Group brand.
Barnes has suspended financial guidance as a result of the pending transaction.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 07, 2024 07:08 ET (11:08 GMT)
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