RIVERDALE, Iowa — Update Aug. 18: In a press release from Arconic, it was announced that Apollo Funds "have completed the previously announced acquisition" of Arconic Corporation.
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Changes have been steadily coming for the Arconic Corporation, including their warehouse in Riverdale, Iowa.
Earlier this year News 8 reported how Apollo Global Management was buying out Arconic for roughly $5.2 billion. Stockholders also received news when the buyout occurred that Arconic would become private.
"Apollo has been trying to work some type of deal for Arconic since early this year," Mark Grywacheski, an advisor for the Quad City Financial Group, said. "Arconic had to allocate a lot of its cash just to satisfy the principle and interest payments on that $1.6B it owes its creditors. And that’s a lot of cash that can’t be used to reinvest in its workforce or buy new machinery, equipment or technology."
According to the Apollo Global Management website their goal is to "provide companies with innovative capital solutions and support to fund their growth."
On Tuesday, July 25, Arconic shareholders held a special meeting to vote on potential assets currently held by Apollo. In a nearly unanimous vote, Arconic shareholders will receive $30.00 per share in cash for every share of Arconic common stock they own prior to the effective time of the merger.
If all goes according to plan, Arconic shareholders will have the funds by the end of the third quarter in 2023.
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