The Journal, which first reported Apollo APO was in talks to buy Arconic in February, reported the deal would value Arconic ARNC at $30 a share, or about $3 billion, and could be announced by the time Arconic reports quarterly earnings before the market opens Thursday.
Pittsburgh-based Arconic, which was spun off from Alcoa Inc. AA in 2016, had a market value of about $2.38 billion as of Wednesday, according to Dow Jones Market Data, but has a debt load of more than $1.5 billion, according to the Journal. Arconic shares are up 6.6% year to date, but are down 19% over the past year, compared to the S&P 500’s SPX 6.5% rise in 2023 and nearly 5% decline over the past 12 months.
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