Barnes Group will be acquired by an asset management firm for $3.6 billion, according to a release on the company’s website.
The release states that Barnes Group will continue to operate under its current name and brand, but when the sale closes, sometime in the first quarter of 2025, the company will be delisted on the New York Stock Exchange and become a privately held company.
Barnes Group, a global provider of highly engineered products, differentiated industrial technologies and innovative solutions, entered an agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. in an all-cash transaction, according to the announcement.
The acquisition, the announcement states, is “subject to customary closing conditions, including approval by Barnes shareholders and receipt of required regulatory approvals.”
The agreement has been unanimously approved by the company’s board of directors, which recommends that Barnes shareholders vote in favor of the transaction.
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