Arconic taken private by Apollo Global in $5.2 billion deal

Aluminum maker Arconic is being taken private by Apollo Global Management in a deal worth approximately $5.2 billion.

Arconic shareholders will receive $30 per share in cash.

Arconic is the company once known as Alcoa. Alcoa Inc. spun off its alumina and bauxite operations in 2016 into a company called Alcoa Corp., while Arconic became the company that produces rolled and plate aluminum, as well as products for the aerospace and industrial sector.

Investments are expected to be made in various areas, including upgrades to Arconic's key machine centers and technology upgrades to plants and process controls.