Apollo finalises $3.6bn acquisition of Barnes Group to accelerate growth

Apollo Global Management has completed its $3.6bn acquisition of Barnes Group, a leader in industrial and aerospace technologies.

The all-cash deal, offering $47.50 per share to shareholders, concludes with Barnes delisting from the New York Stock Exchange.

This acquisition sets the stage for Barnes to execute an ambitious growth plan under Apollo’s ownership. Thomas J. Hook, CEO of Barnes, emphasised the opportunities ahead: “Apollo’s support enables us to expand our product offerings, enhance capabilities, and drive innovation to meet our customers’ most complex needs.”

Barnes, founded in 1857, is a global player with expertise spanning aerospace components, precision machining, industrial automation, and engineered plastics. The company recorded significant growth across both commercial and military turbine engines, as well as industrial automation solutions.

Apollo views the acquisition as a strategic step to capitalise on rising demand in aerospace markets. Antoine Munfakh, Partner at Apollo, highlighted Barnes’ potential: “Barnes has a proud legacy of innovation and is well-positioned to benefit from strong demand trends in aerospace and industrial markets.”

Advisory support for the transaction included Goldman Sachs and Jefferies for Barnes, and Latham & Watkins LLP alongside Paul, Weiss, Rifkind, Wharton & Garrison LLP for Apollo.

This acquisition reinforces Apollo’s growing portfolio of industrial and aerospace companies, strengthening its position as a global leader in alternative asset management with $733bn in AUM as of September 2024.

Source: Business Wire

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