Why Arconic Stock Is Soaring Today
Private equity giant Apollo Global Management (NYSE: APO) has a deal in place to acquire Arconic (NYSE: ARNC) for about $5.2 billion in cash and assumed debt. Arconic has been a company in transition for most of the last decade. Three years later, Arconic split itself again, grouping its engine products, fasteners, and other aerospace components into a separate company called Howmet Aerospace.