MW Barnes' stock jumps 2.7% after company agrees to be acquired by Apollo for $3.6 billion in cash

Barnes Group Inc.'s stock $(B)$ rose 2.7% early Monday, after the provider of engineered products and industrial technologies said it has reached an agreement to be acquired by funds of private-equity firm Apollo Global Management $(APO)$ for $3.6 billion in cash. Under the terms of the deal, Barnes shareholders will receive $47.50 per share in cash, equal to a premium of about 22% over the company's undisturbed closing share price on June 25, 2024, and about 28% over the volume weighted average price for the 90 days that ended on June 25. The deal is expected to close before the end of the first quarter of 2025. The Barnes board has voted unanimously in favor of the deal and encourages its shareholders to do the same. Barnes makes components for a number of sectors including aerospace, where it's planning to expand. "We see opportunities to further invest in and grow Barnes' businesses, which are positioned to benefit from long-term aerospace demand trends, as well as the need for high performance components and solutions for a range of end-markets," said Apollo partner Antoine Munfakh in prepared remarks. Barnes' stock has gained 37% in the year to date, while the S&P 500 has gained 20.6%.

-Ciara Linnane

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October 07, 2024 07:00 ET (11:00 GMT)

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