Oct 8, 2018

Report: Private equity partners up for Arconic bid

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Plus, Arconic remains under pressure from aluminum tariffs, including ones on Canada that were not rescinded as part of the recent trade deal.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."

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America's future looks a lot like Nevada

Illustration: Sarah Grillo/Axios

Today's Nevada caucus will foreshadow the future of American politics well beyond 2020.

Why it matters: The U.S. is in the midst of a demographic transformation, and the country's future looks a lot like Nevada's present. Today's results, in addition to shaping the 2020 race, will help tell us where politics is headed in a rapidly changing country.

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 14 hours ago - Health