Apollo to buy Barnes Group in $3.6bn deal

Technology and aerospace manufacturer Barnes Group said on Monday that it has agreed to be bought by Apollo Global Management for $3.6bn in cash.

Under the terms of the agreement, Barnes shareholders will receive $47.50 per share in cash, which is a premium of about 22% the undisturbed closing share price on 25 June.

Richard J. Hipple, chairman of the board of directors of Barnes Group, said: "The board and management team carefully reviewed a range of potential opportunities and determined that this transaction with Apollo Funds maximises value for our shareholders and is in the best interest of all stakeholders."

Thomas J. Hook, president and chief executive of Barnes, said: "Apollo has a 35-year track record of investing in companies like Barnes that have leading businesses, strong teams and solid performance, and helping to position them for long-term, sustainable growth.

"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. We look forward to working with the Apollo team as we continue to execute on our transformation strategy and capture the opportunities this transaction will create for Barnes, our employees, our shareholders, our customers, our suppliers and all stakeholders."

The deal is expected to close before the end of the first quarter of 2025.