A group of four large private equity firms are working on a joint bid for aluminum parts maker Arconic, per Reuters.
Why it's a big deal: Because this could signal that big buyout firms are beginning to get over their decade-old aversion to large club deals.
Plus, Arconic remains under pressure from aluminum tariffs, including ones on Canada that were not rescinded as part of the recent trade deal.
The club reportedly includes The Blackstone Group, The Carlyle Group, Onex Corp. and Canada Pension Plan Investment Board
Apollo Global Management was first mentioned as a suitor back in July, and reportedly remains interested.
Arconic has a market cap of around $10.5 billion, plus another $5 billion in debt.
More from Reuters:"The Pittsburgh-based company, which was spun out of Alcoa Corp in 2016, said in February it would carry out a 'strategy and portfolio review,' to be completed by the time its holds its investor day in November. As plane-makers ramp up production to satisfy growing global demand for air travel, Arconic is paying more attention to aircraft parts."
