M&A Deal Summary

Apollo Global Management and Irenic Capital Management Acquire Arconic

On May 4, 2023, asset manager Apollo Global Management and private equity firm Irenic Capital Management acquired manufacturer Arconic for 5.2B USD

Acquisition Highlights
  • This is Apollo Global Management’s 4th and Irenic Capital Management’s 1st transaction in the Manufacturing sector.
  • This is Apollo Global Management’s 12th and Irenic Capital Management’s largest (disclosed) transaction.
  • This is Apollo Global Management’s 96th and Irenic Capital Management’s 1st transaction in the United States.
  • This is Apollo Global Management’s 7th and Irenic Capital Management’s 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2023-05-04
Target Arconic
Sector Manufacturing
Buyer(s) Apollo Global Management
Irenic Capital Management
Deal Type Going Private
Deal Value 5.2B USD
Advisor(s) Evercore Group
Goldman Sachs (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Arconic

Pittsburgh, Pennsylvania, United States
Arconic is a manufacturer of aluminum sheet and plate products for the aerospace, automotive, commercial transportation, brazing and industrial markets. Arconic was founded in 1888 and is based in Pittsburgh, Pennsylvania.

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Buyer(S) 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 131 of 151
Sector: Manufacturing M&A 4 of 4
Type: Going Private M&A Deals 29 of 31
State: Pennsylvania M&A 7 of 7
Country: United States M&A 96 of 108
Year: 2023 M&A 3 of 8
Size (of disclosed) 12 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-03 Lottomatica

Rome, Italy

Lottomatica is an Italian gaming company, with products that include slot machines and video-lotteries. Lottomatica is based in Rome, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-30 Riverbed

San Francisco, California, United States

Riverbed is a provider of software for mobile computing applications services. Riverbed delivers application performance for the globally connected enterprise. It helps clients in implementing strategic initiatives such as virtualization, consolidation, cloud computing, and disaster recovery. Riverbed was founded in 2002 and is based in San Francisco, California.

Sell -
DESCRIPTION

Irenic Capital Management is an investment management firm primarily focused on public-equity investments. The Firm’s strategies include activism and long-term public-investor partnerships aimed at enhancing value through governance, capital structure, and business performance changes. Irenic Capital Management was founded in 2021 and is based in New York, New York.


DEAL STATS #
Overall 1 of 1
Sector: Manufacturing M&A 1 of 1
Type: Going Private M&A Deals 1 of 1
State: Pennsylvania M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2023 M&A 1 of 1
Size (of disclosed) 1 of 1