| Key Points: – Apollo Global Management is acquiring Barnes Group in a $3.6 billion all-cash deal, providing shareholders with $47.50 per share, a 22% premium over the June 25, 2024 share price. – The transaction is expected to close by Q1 2025, after which Barnes will be delisted from the NYSE and become a privately held company. – Apollo plans to support Barnes in its continued innovation and long-term growth across its aerospace and industrial sectors. |
Barnes Group Inc. (NYSE: B) announced today that it has entered into a definitive agreement to be acquired by funds managed by Apollo Global Management, Inc. (NYSE: APO) in an all-cash transaction valued at approximately $3.6 billion. Under the terms of the agreement, Barnes shareholders will receive $47.50 per share, representing a 22% premium over the company’s undisturbed closing share price on June 25, 2024.
A Strategic Move for Growth
The deal delivers immediate and certain cash value to Barnes shareholders while positioning the company to continue serving its customers in the aerospace and industrial sectors. Apollo Global Management, a global alternative asset manager with over 35 years of investment experience, is committed to helping companies like Barnes achieve long-term sustainable growth. Apollo has a proven track record of investing in leading businesses and positioning them for future success.
“This transaction will enable Barnes to continue meeting and exceeding our customers’ needs with innovative aerospace and industrial products, systems, and solutions,” a Barnes spokesperson stated.
Barnes to Be Delisted and Taken Private
Upon completion of the transaction, which is expected by the end of Q1 2025, Barnes will be delisted from the New York Stock Exchange and become a privately held company. The deal is subject to customary closing conditions, including approval by Barnes shareholders and regulatory approval.
About Barnes Group
Founded in 1857 and headquartered in Bristol, Connecticut, Barnes Group Inc. has built a reputation for pioneering excellence in advanced manufacturing processes, automation solutions, and applied technologies across various industries. Barnes Aerospace specializes in producing and servicing complex components for commercial and military turbine engines, while Barnes Industrial focuses on engineered plastics and industrial automation solutions.
About Apollo Global Management
Apollo Global Management is a high-growth, global asset manager with approximately $696 billion in assets under management as of June 30, 2024. Apollo’s investment strategies span a wide spectrum, from investment-grade to private equity, focusing on delivering excess returns for its clients. The company has a long history of providing capital solutions to businesses, helping them grow and achieve financial security.