Barnes Group to be acquired by Apollo Global funds for $3.6B in cash

Barnes Group (B) announced that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management (APO) in an all-cash transaction that values Barnes at an enterprise value of approximately $3.6B. The agreement provides that Barnes shareholders will receive $47.50 per share in cash. The per share purchase price represents a premium of approximately 22% over Barnes’ undisturbed closing share price on June 25, 2024, and a premium of approximately 28% over the volume weighted average price of Barnes common stock for the 90 days ending June 25, 2024. The transaction is expected to close before the end of Q1 2025 and is subject to customary closing conditions, including approval by Barnes shareholders and receipt of required regulatory approvals. The Barnes Board of Directors unanimously approved the definitive agreement and recommends that Barnes shareholders vote in favor of the transaction. Upon completion of the transaction, Barnes will be delisted from the New York Stock Exchange and become a privately held company. Barnes will continue to operate under the Barnes Group name and brand.