M&A · Industrials · Miscellaneous Fabricated Metal Products
Apollo Global Management, Inc. to acquire Barnes Group Inc
Announced Oct 7, 2024 · Closed Jan 27, 2025
Deal value$3.60BEV $3.60B
Premium22.0%To unaffected price
EV / Adj. EBITDA13.3x2.3x EV / Revenue
ConsiderationAll cash$47.50 per share
Transaction
- Acquirer
- Apollo Global Management, Inc. (APO)
- Target
- Barnes Group Inc (B)
- Buyer type
- Private equity
- Offer price per share
- $47.50
- Enterprise value
- $3.60B
- Status
- Closed Jan 27, 2025
Deal protections
- Break fee (target pays)
- $85.0M · 2.4%
- Reverse fee (buyer pays)
- $169M · 4.7%
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets, JPMorgan
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs, Jefferies
- Jefferies fee
- $23.5M
Sector context · Industrials
- Comparable deals
- 87 in the prior 24 months
- Premium
- 22.0% vs. 34.5% sector median
- EV / Adj. EBITDA
- 13.3x vs. 9.9x sector median
- Break fee
- 2.4% vs. 2.8% sector median
Timeline
- AnnouncedOct 7, 2024
- Proxy filedNov 13, 2024
- Definitive proxyDec 6, 2024
- Shareholder voteJan 9, 2025
- ClosedJan 27, 2025
Valuation · fairness opinions
Analyst price targetsGoldman Sachs$25.00$45.00
Analyst price targetsGoldman Sachs$14.00$18.00
Analyst price targetsGoldman Sachs$39.00$62.00
Analyst price targetsGoldman Sachs$42.00$66.00
Precedent transactionsGoldman Sachs$31.00$71.00
Trading comparablesJefferies$41.10$59.35
Trading comparablesJefferies$46.75$68.85
Discounted cash flowJefferies$18.00$25.00
Discounted cash flowJefferies$21.00$31.00
Trading comparablesJefferies$8.00$11.00
Offer $47.50
Implied value per Barnes Group Inc share by analysis, from Goldman Sachs and Jefferies · DCF discount rate 9.5%–11%.