On May 4, funds affiliated with Willkie client Irenic Capital Management, LP together with funds affiliated with Apollo Global Management, Inc. entered into definitive agreements to acquire Arconic Corporation (NYSE: ARNC), a leading global provider of aluminum rolled products to the aerospace and ground transportation industries.

Under the terms of the agreement, Apollo and Irenic will acquire all outstanding shares in an all-cash transaction that values Arconic at an enterprise value of approximately $5.2 billion. The transaction is expected to close in the second half of 2023. Upon completion of the transaction, Arconic will become a privately held company.

Irenic Capital Management, LP is an investment management firm founded by Adam Katz and Andy Dodge that invests across the capital structure in unique, special situation opportunities. Irenic believes companies should be run with an “owner’s mindset” in which management teams and directors are focused on creating long-term, sustainable value. Irenic works with companies to ensure that operating activities, capital deployment, and management incentives are all aligned to produce durable results for the company’s owners.

The Willkie team was led by partners Maurice Lefkort and Hugh McLaughlin and associate Ian Morganelli, and included counsel Agathe Richard and law clerk Jack Clarke.