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Arconic Sold to Private Investment Firm

A company with more than 2,000 employees in the Quad Cities will soon have a new owner. Thursday Arconic Corporation announced it's been sold to the investment firm, Apollo Global Management, that will take the company private.

The $5.2 billion acquisition is expected to close in the second half of this year, and will pay Arconic stockholders $30.00 a share in cash. That's a 36% increase, or premium, over the closing stock price on February 27th.

The Davenport Works in Riverdale now employs 2,400 people, including 1,900 members of the Steelworkers Union. Local 105 spokesman Lee Shaffer says there shouldn't be much if any immediate impact because they have a contract that runs through 2026.

Arconic became a stand-alone company three years ago when it was spun-off from Alcoa.

The sale is subject to approval by Arconic shareholders and federal regulators.