Oct 8, 2018

Report: Private equity partners up for Arconic bid

Dan Primack, author of Pro Rata

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Plus, Arconic remains under pressure from aluminum tariffs, including ones on Canada that were not rescinded as part of the recent trade deal.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

Go deeper

Why the coronavirus pandemic is hitting minorities harder

Illustration: Aïda Amer/Axios. Photo: Mark Makela/Getty Images

The coronavirus’ disproportionate impact on black and Latino communities has become a defining part of the pandemic.

The big picture: That's a result of myriad longstanding inequities within the health care system and the American economy.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 6,804,044 — Total deaths: 362,678 — Total recoveries — 2,788,806Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,909,077 — Total deaths: 109,497 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Some people are drinking and inhaling cleaning products in attempt to fight coronavirus, CDC says Fauci: "Very concerned" about spread of virus amid George Floyd protests — Cities offer free testing for protesters.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model as use of robots accelerates.
  5. Business: Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.

In photos: George Floyd's North Carolina memorial service

The remains of George Floyd are brought into Cape Fear Conference B Church. Photo: Ed Clemente/POOL/AFP via Getty Images

Hundreds gathered in Raeford, North Carolina to honor George Floyd, whose death in Minneapolis nearly two weeks ago has sparked nationwide protests against police brutality.

The state of play: This is the second memorial for Floyd. A number of his family members remain in Raeford, including his sister. He was born in Fayetteville, North Carolina, The News and Observer reports.