Barnes Group Inc. has announced that it will be acquired by funds managed by affiliates of Apollo Global Management, Inc. in an all-cash deal, valuing the company at an enterprise value of approximately $3.6 billion.
Under this agreement, Barnes shareholders are set to receive $47.50 per share in cash. This offer reflects a premium of roughly 22% above the undisturbed closing share price of Barnes on June 25, 2024.
The Board of Directors at Barnes has unanimously approved this definitive agreement and strongly recommends that the shareholders vote in favor of the acquisition.
The transaction is anticipated to be finalized before the end of Q1 2025, contingent upon customary closing conditions which include shareholder approval and necessary regulatory clearances.
Post-transaction, Barnes Group will be delisted from the New York Stock Exchange, transitioning into a privately held company while continuing to operate under its established name and brand.
Additionally, due to the forthcoming acquisition, Barnes has decided to suspend its financial projections for the entire fiscal year of 2024.
