Barnes Group announced Monday that funds managed by Apollo Global Management will acquire the aerospace parts manufacturer in a transaction valued at $3.6 billion. Barnes is being advised by Wachtell Lipton Rosen & Katz, while Apollo is represented by Latham & Watkins LLP and Paul Weiss Rifkind Wharton & Garrison LLP.
Apollo to acquire Barnes: Shareholder Deal Terms
As part of the agreement, Barnes shareholders will receive $47.50 per share in cash, reflecting a 22% premium over the company’s closing share price on June 25. Following the announcement, Barnes’ stock climbed 2.5%, reaching $45.26 in pre-market trading on Monday.
Barnes CEO Thomas J. Hook expressed optimism about the acquisition. “Over the past several quarters, Barnes has made tremendous strides to unlock the company’s full potential… Under Apollo Funds ownership, we aim to accelerate our transformation, enhance our capabilities, broaden our product offerings and create new opportunities for growth and innovation,” Hook said.
Transaction Details and Timeline
The Barnes board unanimously approved the deal, which is set to close in the first quarter of 2025. The completion remains subject to shareholder approval and necessary regulatory clearances. Once finalized, Barnes will be delisted from the New York Stock Exchange, though it will retain its name and brand.
