Barnes Group Shareholders Approve Transaction with Apollo Funds
Barnes Group Inc. (NYSE: B) shareholders have overwhelmingly approved the company's acquisition by Apollo Global Management's funds at a Special Meeting of Shareholders. The transaction will see shareholders receive $47.50 per share in cash. The vote garnered approximately 99% approval from total shares voted, representing about 80% of Barnes' outstanding common stock.
The deal is expected to close before the end of Q1 2025, subject to regulatory approvals and customary closing conditions. CEO Thomas Hook expressed optimism about the partnership with Apollo, highlighting plans to accelerate transformation strategy, enhance capabilities, and increase innovation investment to better serve customers in aerospace and industrial sectors.
I soci di Barnes Group Inc. (NYSE: B) hanno approvato in modo schiacciante l'acquisizione della società da parte dei fondi di Apollo Global Management durante un'Assemblea Straordinaria degli Azionisti. La transazione prevede che i soci ricevano 47,50 dollari per azione in contante. Il voto ha ottenuto circa un 99% di approvazione rispetto al totale delle azioni votate, rappresentando circa il 80% delle azioni ordinarie in circolazione di Barnes.
Si prevede che l'accordo si chiuderà prima della fine del Q1 2025, soggetto ad approvazioni normative e condizioni di chiusura abituali. Il CEO Thomas Hook ha espresso ottimismo riguardo alla partnership con Apollo, evidenziando i piani per accelerare la strategia di trasformazione, potenziare le capacità e aumentare gli investimenti in innovazione per servire meglio i clienti nei settori aerospaziale e industriale.
Los accionistas de Barnes Group Inc. (NYSE: B) han aprobado abrumadoramente la adquisición de la compañía por parte de los fondos de Apollo Global Management en una Reunión Especial de Accionistas. La transacción verá a los accionistas recibir 47,50 dólares por acción en efectivo. La votación obtuvo aproximadamente 99% de aprobación del total de acciones votadas, representando alrededor del 80% de las acciones ordinarias en circulación de Barnes.
Se espera que el acuerdo se cierre antes del final del Q1 2025, sujeto a aprobaciones regulatorias y condiciones de cierre habituales. El CEO Thomas Hook expresó optimismo sobre la asociación con Apollo, destacando los planes para acelerar la estrategia de transformación, mejorar las capacidades y aumentar la inversión en innovación para servir mejor a los clientes en los sectores aeroespacial e industrial.
바너스 그룹 주식회사 (NYSE: B)의 주주들은 특별 주주 총회에서 아폴로 글로벌 매니지먼트의 펀드에 의한 회사 인수를 압도적으로 승인했습니다. 이 거래는 주주들이 주당 47.50달러의 현금을 받는 것입니다. 투표는 전체 투표된 주식의 약 99%의 승인을 얻었으며, 이는 바너스의 발행된 보통주 약 80%를 대표합니다.
이번 거래는 2025년 1분기 종료 전에 마무리될 것으로 예상되며, 규제 승인 및 관례적인 종결 조건에 따릅니다. CEO 토마스 훅은 아폴로와의 파트너십에 대한 낙관을 표현하며, 변화 전략 가속화, 역량 향상 및 산업 및 항공 우주 분야 고객 서비스 향상을 위한 혁신 투자 증가 계획을 강조했습니다.
Les actionnaires de Barnes Group Inc. (NYSE: B) ont massivement approuvé l'acquisition de la société par les fonds de Apollo Global Management lors d'une Assemblée Générale Extraordinaire des Actionnaires. La transaction permettra aux actionnaires de recevoir 47,50 dollars par action en espèces. Le vote a obtenu environ 99% d'approbation des actions totales votées, représentant environ 80% des actions ordinaires en circulation de Barnes.
Il est prévu que l'accord soit finalisé avant la fin du Q1 2025, sous réserve des approbations réglementaires et des conditions de clôture habituelles. Le PDG Thomas Hook a exprimé son optimisme quant au partenariat avec Apollo, soulignant les plans pour accélérer la stratégie de transformation, renforcer les capacités et augmenter les investissements en innovation afin de mieux servir les clients dans les secteurs aérospatial et industriel.
Die Aktionäre von Barnes Group Inc. (NYSE: B) haben die Übernahme des Unternehmens durch die Fonds von Apollo Global Management auf einer außerordentlichen Hauptversammlung überwältigend genehmigt. Die Transaktion wird dazu führen, dass die Aktionäre 47,50 US-Dollar pro Aktie in bar erhalten. Die Abstimmung erhielt etwa 99% Zustimmung der insgesamt abgestimmten Aktien, was etwa 80% der ausgegebenen Stammaktien von Barnes entspricht.
Der Deal wird voraussichtlich vor Ende Q1 2025 abgeschlossen, vorbehaltlich der Genehmigungen der Behörden und üblicher Abschlussbedingungen. CEO Thomas Hook äußerte Optimismus über die Partnerschaft mit Apollo und hob die Pläne hervor, die Transformationsstrategie zu beschleunigen, die Fähigkeiten zu verbessern und die Investitionen in Innovation zu erhöhen, um die Kunden in den Bereichen Luft- und Raumfahrt sowie Industrie besser zu bedienen.
- Shareholders to receive $47.50 per share in cash premium
- Strong shareholder support with 99% approval rate
- Partnership with Apollo funds expected to accelerate transformation strategy
- Deal provides opportunities for enhanced capabilities and innovation investment
- Company will no longer be publicly traded after acquisition closes
Insights
This shareholder approval marks a pivotal moment in Barnes' corporate trajectory. The
Apollo's acquisition aligns with their strategy of acquiring industrial companies with strong market positions and transformation potential. The deal's timing is opportune, as Barnes can leverage Apollo's extensive resources and operational expertise to accelerate its transformation initiatives without public market pressures. The expected Q1 2025 closing timeline appears realistic, though regulatory approvals remain the final hurdle.
The involvement of top-tier advisors - Goldman Sachs, Jefferies and prestigious law firms - suggests a well-structured transaction with thorough due diligence. This deal could catalyze consolidation in the engineered products sector, potentially triggering similar transactions among peers.
The Apollo acquisition presents a strategic opportunity to accelerate Barnes' technological advancement and market positioning. The private equity backing will enable more aggressive investments in R&D and innovation, particularly important in the aerospace and industrial segments where technological differentiation drives market share.
The partnership with Apollo could significantly enhance Barnes' competitive position through: 1) Increased capital allocation for technology modernization, 2) Streamlined decision-making for strategic initiatives and 3) Access to Apollo's extensive industrial portfolio synergies. The focus on "innovation investment" mentioned by CEO Hook suggests a transformation beyond mere financial engineering, targeting fundamental operational improvements.
This deal reflects broader industry trends where private equity firms are actively pursuing industrial technology companies with strong intellectual property and transformation potential. The transaction could enable Barnes to better compete against larger rivals and capitalize on emerging opportunities in advanced manufacturing and aerospace technologies.
Approximately
“We are pleased with the support of our shareholders for our transaction with Apollo Funds,” said Thomas Hook, CEO of Barnes. “In partnership with Apollo, we look forward to accelerating our transformation strategy, enhancing our capabilities, creating new opportunities for innovation investment, and better meeting the diverse and evolving needs of our customers for aerospace and industrial products, systems and solutions.”
The transaction is expected to close before the end of Q1 2025, subject to customary closing conditions, including receipt of required regulatory approvals.
Barnes will file the final voting results, as certified by an independent Inspector of Election, on a Form 8-K with the
Advisors
Goldman Sachs & Co. LLC and Jefferies LLC are serving as financial advisors and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Barnes. Latham & Watkins LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to Apollo Funds.
Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as “anticipate,” “believe,” “expect,” “plan,” “estimate,” “project,” “continue,” “will,” “should,” “may,” and similar terms. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from any future results expressed or implied by the forward-looking statements. In addition, we have based some of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Such factors, risks and uncertainties include: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement between the parties to the proposed transaction or extend the anticipated timetable for completion of the proposed transaction; (2) the failure to obtain certain required regulatory approvals or the failure to satisfy any of the other closing conditions to the completion of the proposed transaction within the expected timeframes or at all; (3) risks related to disruption of management’s attention from Barnes’ ongoing business operations due to the proposed transaction; (4) the effect of the announcement of the proposed transaction on the ability of Barnes to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on its operating results and business generally; (5) the ability of Barnes to meet expectations regarding the timing and completion of the transaction; (6) the impacts resulting from the conflict in
For additional information and detailed discussion of these risks, uncertainties, and other potential factors that could affect our business and performance and cause actual results or outcomes to differ materially from the results, performance or achievements addressed in our forward-looking statements is included in our other filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Barnes assumes no obligation to update its forward-looking statements, which speak as of their respective dates, whether as a result of new information, future events, or otherwise.
About BARNES
Barnes Group Inc. (NYSE: B) leverages world-class manufacturing capabilities and market-leading engineering to develop advanced processes, automation solutions, and applied technologies for industries ranging from aerospace and medical & personal care to mobility and packaging. With a celebrated legacy of pioneering excellence, Barnes delivers exceptional value to customers through advanced manufacturing capabilities and cutting-edge industrial technologies. Barnes Aerospace specializes in the production and servicing of intricate fabricated and precision-machined components for both commercial and military turbine engines, nacelles, and airframes. Barnes Industrial excels in advancing the processing, control, and sustainability of engineered plastics and delivering innovative, custom-tailored solutions for industrial automation and metal forming applications. Established in 1857 and headquartered in
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately
Category: General
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Barnes Contact
Media and Investors
William Pitts
Vice President Investor Relations
(860) 973-2144
wpitts@onebarnes.com
Apollo Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com
Source: Barnes Group Inc.
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